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 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.”

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