EuroCCP Announces Senior Management Changes
Strengthening of leadership with focus on operational resiliency and risk management ahead of planned expansion into equity derivatives
13 April 2021 – EuroCCP, a leading pan-European equity clearing house owned by Cboe Global Markets, today announces changes to its senior management team designed to enhance the firm’s operational resiliency and risk management capabilities, two areas of focus for the firm as it continues its diversification into new asset classes.
The three appointments are:
- Arnoud Siegmann, Chief Operating Officer. Arnoud was previously Chief Risk Officer at EuroCCP and its predecessor EMCF, joining in 2008.
- Jonathan Tran, Chief Risk Officer. Jonathan was formerly Deputy Chief Risk Officer, having joined EuroCCP in 2018 from LCH.
- Ed Hughes, Chief Technology Officer. Ed joined EuroCCP in 2019 initially to manage its expansion into equity derivatives. He previously held change, technology and operations roles at LCH.
“The strengthening of our senior management team reflects the change EuroCCP’s business has undergone since our acquisition by Cboe Global Markets. It positions the firm for the next stage of our transformation into a multi-asset clearing house, with our planned diversification into equity derivatives being a natural extension and complement to our existing cash equities and ETF businesses,” said Cécile Nagel, CEO of EuroCCP.
Since its inception, EuroCCP has become one of the leading pan-European cash equities clearing houses, with access to 39 venues representing approximately 95% of all European equity trading flows. It was fully acquired by Cboe Global Markets in July 2020 and is expanding into clearing equity derivatives in support of Cboe Europe Derivatives, a planned new equity futures and options exchange, subject to regulatory approvals.
Ms Nagel continued: “Despite the huge volatility in financial markets over the last 12 months and, more recently, the impact of Brexit, we have consolidated our position as the leading pan-European equities clearing house. We have also reinforced our operational resiliency with the implementation of a stronger liquidity management framework, as well as a new margin risk management system expected to be deployed later this month. These appointments recognise the significant contribution that Arnoud, Jonathan and Ed have each made to these achievements.”
EuroCCP cleared 1.7 billion trades in 2020, up 31% on 2019, with strong growth already this year, including record volumes on Euronext markets through the preferred clearing model in Q1 2021.
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EuroCCP is a pan-European central counterparty (CCP) which currently clears for 39 trading venues, representing over 95% of the equity market on the Continent. This makes it the most connected equity CCP in Europe. EuroCCP provides clearing members with easy access and the ability to maximise operational efficiency and netting opportunities, while also reducing risk and costs. Headquartered in Amsterdam, EuroCCP is regulated by De Nederlandsche Bank and by Autoriteit Financiële Markten. It is owned by Cboe Global Markets.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading and investment solutions to market participants around the world. The company is committed to defining markets through product innovation, leading edge technology and seamless trading solutions.
The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S., Canadian and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and volatility products based on the Cboe Volatility Index (VIX Index), recognized as the world’s premier gauge of U.S. equity market volatility.
Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the company operates one of the largest stock exchanges by value traded in Europe, and owns EuroCCP, a leading pan-European equity clearing house. Cboe also is a leading market globally for ETP listings and trading.
The company is headquartered in Chicago with a network of domestic and global offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas City and Amsterdam. For more information, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking Information
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.