Cboe appoints Vikesh Patel as President of Cboe Clear Europe

Rick Steves

“Having been a client, partner and competitor of Cboe Clear Europe over many years I am well aware of the company’s strong reputation, in particular for its outstanding levels of client service, innovation and risk management expertise.”

Cboe Global Markets Inc. has appointed Vikesh Patel as President of Cboe Clear Europe, one of the most if not the most connected CCP in Europe, offering clearing services to 47 trading venues.

Cboe Clear Europe is approved to clear cash equities, depositary receipts, ETFs and equity derivatives (index futures and options).

Past career includes SWIFT, LCH, Goldman Sachs, Morgan Stanley, UK Treasury

Vikesh Patel joins Cboe Clear Europe after fifteen years of experience in financial market infrastructure, most recently at SWIFT, where he was  Head of Securities with responsibility for leading its securities strategy globally.

Prior to joining SWIFT in 2017, Vikesh Patel was a chief operating officer at LCH, focusing on strategy, risk management, and the development of new products for the clearing organization’s EquityClear and RepoClear businesses.

Prior global executive roles include Goldman Sachs and Morgan Stanley, with a primary focus on market infrastructure and post-trade strategy.

He began his career at HM Treasury working on a range of domestic and international policy areas and served as a Private Secretary to both the Financial Secretary to the Treasury and Economic Secretary to the Treasury.

Natan Tiefenbrun, President, Cboe Europe, said: “We are delighted to have Vikesh lead Cboe Clear Europe. He has a long and impressive track record in the securities post-trade industry, both in Europe and globally. We are excited to able to leverage his expertise to support Cboe Clear Europe’s strategic growth and further enhance its position as the leading pan-European clearing house. I would also like to express my gratitude to Arnoud Siegmann for the period in which he has served as Cboe Clear Europe’s Interim President, in addition to his ongoing role as Chief Operating Officer.”

Vikesh Patel, President of Cboe Clear Europe, said: “I am honoured to be appointed as the next President of Cboe Clear Europe. Having been a client, partner and competitor of Cboe Clear Europe over many years I am well aware of the company’s strong reputation, in particular for its outstanding levels of client service, innovation and risk management expertise. The company is at an exciting time in its development and I am looking forward to leading it into its next phase of growth.”

Cboe Clear Europe, formerly EuroCCP

Cboe completed its acquisition of Cboe Clear Europe (formerly EuroCCP) in July 2020. The company has since enhanced its position as the leading pan-European cash equities clearing house, growing its volumes on venues that allow fully interoperable clearing as well as those that have adopted preferred clearing.

The preferred model is used on venues that do not support interoperable clearing 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 47.7 million in the 11 months ended 30 November 2022, compared with 9.1 million in 2021.

Cboe Clear Europe has also diversified into equity derivatives clearing in support of Cboe Europe Derivatives (CEDX), Cboe’s pan-European derivatives exchange which launched in September 2021.

 

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