EuroCCP Rebranded to Cboe Clear Europe
Cboe Global Markets has rebranded EuroCCP to Cboe Clear Europe, effective immediately. This change signals its commitment to an open-access approach, now serving 47 trading venues and enhancing access to 95% of European equity trades. The volume of trades cleared through preferred providers surged to 40.5 million in 2022, up from 9.1 million in 2021. The rebranding aims to leverage Cboe's globally recognized name to facilitate growth and operational efficiencies. Cboe Clear Europe will continue offering diversified clearing services while operating as an independent subsidiary.
- Rebranding to Cboe Clear Europe enhances market recognition and aligns with Cboe's global brand.
- Expansion from 37 to 47 trading venues increases access to 95% of European equity trades.
- Volume of trades cleared through preferred providers rose significantly to 40.5 million in 2022.
- Diversification into equity derivatives clearing supports Cboe Europe Derivatives, launched in September 2021.
- None.
- 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
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.
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.
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Certain information contained in this press release may 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 uncertainties.
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SOURCE Cboe Global Markets, Inc.
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