- Cboe Clear Europe remains committed to an open-access approach
to its clearing services, by continuing to serve multiple exchanges
and venues
- New name provides the company with a globally recognized brand
as it pursues continued growth
AMSTERDAM and LONDON, Nov. 14,
2022 /PRNewswire/ -- EuroCCP, a leading
pan-European clearing house and subsidiary of Cboe Global
Markets, Inc. (Cboe: CBOE), today announced it has rebranded to
Cboe Clear Europe with immediate effect. Cboe acquired
EuroCCP on 1 July 2020, bringing
together two companies that have long championed competition, open
access and clearing interoperability in Europe.
Under Cboe's ownership, Cboe Clear Europe has enhanced its
position as the leading pan-European cash equities clearing house,
by expanding the number of venues it provides clearing services to
from 37 to 47, which provides it with access to approximately 95
per cent of all European equity trades. In addition to its leading
position clearing for venues that allow interoperable clearing, it
has also seen strong growth in preferred clearing, which is used on
venues that do not support true clearing interoperability and
allows Cboe Clear Europe to clear a trade provided that both
counterparties have elected it as their preferred clearing
provider. Cboe Clear Europe's volumes for this service were 40.5
million in the 10 months ended 31 October
2022, compared with 9.1 million in 2021, helping its clients
to achieve significant transactional cost savings by allowing them
to consolidate more of their pan-European equities clearing
activities at a single provider.
Arnoud Siegmann, Interim
President and Chief Operating Officer of Cboe Clear Europe, said:
"Cboe's acquisition has already enabled a step-change in our
business, and we feel now is the right time to rebrand as Cboe
Clear Europe as we pursue continued growth wherever we can
bring most value for our venues, members and clients. It clearly
demonstrates our Cboe ownership and provides us with a globally
recognized brand when it comes to the services we offer."
Cboe Clear Europe has also successfully diversified into equity
derivatives clearing in support of Cboe Europe Derivatives (CEDX),
Cboe's pan-European derivatives exchange which launched in
September 2021. This innovative
marketplace is already demonstrating its potential and Cboe Clear
Europe is committed to providing CEDX's participants with
meaningful cost savings by offering them the ability to clear a
broad range of pan-European equity derivatives at a single clearing
house.
As Cboe Clear Europe pursues continued growth and expansion of
its services, it remains committed to an open-access approach by
serving multiple exchanges and trading venues — helping to promote
truly competitive, integrated and pan-European infrastructures for
the benefit of market participants.
Natan Tiefenbrun, President of
Cboe Europe, said: "We are excited to bring the Cboe name to
EuroCCP and unify our European businesses from a branding
perspective. Cboe Clear Europe and its team have helped to drive
significant post-trade efficiencies in European equity markets and
developed a reputation for exceptional levels of client service,
innovation and risk management. As it takes its new name and enters
its next phase of growth, those attributes — as well as a
fundamental belief in open access — will continue to underpin the
business to ensure participants go on reaping the benefits of a
competitive clearing environment."
Cboe Clear Europe will continue to operate as an independent
subsidiary of the Cboe group, retaining a separate governance
structure and management team. Further information on the company
and its services can be found here: clear.cboe.com/europe
About Cboe Clear
Europe
Cboe Clear Europe is a leading pan-European central counterparty
(CCP) and provides safe and efficient clearing and settlement
services throughout Europe. CCPs
give protection to both parties in a trade, providing assurance to
each party that the trade will settle at the agreed price in the
event that one party defaults on its obligations. Cboe Clear Europe
is the most connected CCP in Europe - offering clearing services to 47
trading venues - and is approved to clear cash equities, depositary
receipts, ETFs and equity derivatives (index futures and options).
The company enables Clearing Participants to manage their
counterparty credit risk and also to maximise operational
efficiencies through automated processing and the provision of
netting opportunities. Headquartered in Amsterdam, Cboe Clear Europe is regulated by
De Nederlandsche Bank and by Autoriteit Financiële Markten. It is
wholly owned by Cboe Global Markets.
About Cboe Global Markets,
Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market
infrastructure and tradable products, delivers cutting-edge
trading, clearing and investment solutions to market participants
around the world. The company is committed to operating a trusted,
inclusive global marketplace, providing leading products,
technology and data solutions that enable participants to define a
sustainable financial future. Cboe provides trading solutions and
products in multiple asset classes, including equities,
derivatives, FX and digital assets, across North America, Europe and Asia
Pacific. To learn more, visit www.cboe.com.
Media
Contacts
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Analyst Contact
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Angela Tu
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Kenneth Hill, CFA
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+44 (0) 7593 506
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+1-312-786-7559
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tcave@cboe.com
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atu@cboe.com
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khill@cboe.com
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Cautionary Statements Regarding Forward-Looking
Information
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constitute forward-looking statements. We caution readers not to
place undue reliance on any forward-looking statements, which speak
only as of the date made and are subject to a number of risks and
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SOURCE Cboe Global Markets, Inc.