Cboe’s pan-European clearing house EuroCCP rebrands to Cboe Clear Europe

Rick Steves

“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.”

Cboe Global Markets’ pan-European clearing house EuroCCP has been rebranded Cboe Clear Europe, the market infrastructure provider announced.

EuroCCP, now Cboe Clear Europe, was acquired on 1 July 2020 and has since then enhanced its position as a cash equities clearing house in Europe by expanding the number of venues it provides clearing services to from 37 to 47. The firm provides access to approximately 95 percent of all European equity trades.

Cboe Clear Europe supports preferred clearing and derivatives clearing

The clearing house not only supports interoperable clearing but also preferred clearing, which is used on venues that do not support true clearing interoperability. This allows Cboe Clear Europe to clear a trade provided that both counterparties have elected it as their preferred clearing provider.

Cboe Clear Europe’s preferred clearing service has seen volumes rise to 40.5 million in the 10 months ended 31 October 2022, compared with 9.1 million in 2021. The service ensures transactional cost savings by allowing clients to consolidate more of their pan-European equities clearing activities at a single provider.

The company is also diversified into equity derivatives clearing in support of Cboe Europe Derivatives (CEDX), which was launched in September 2021 and offers clients the ability to clear a broad range of pan-European equity derivatives at a single clearing house.

Cboe Clear Europe’s open-access approach means that it serves multiple exchanges and trading venues to promote truly competitive, integrated, and pan- European infrastructures.

Cboe, a globally recognized brand

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.”

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 posttrade 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.”

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