Updated Clearing Rule Book

Dear Clearing Participant,

On 11 May 2021 EuroCCP published an updated version of its Clearing Rule Book (“CRB”) on its website for consultation. The amendments relate to the introduction of a clearing service for certain types of equity derivative instruments. The changes to the CRB were open for consultation for a 30 calendar day consultation period. This period ended on 10 June 2021.

Following the Clearing Rule Book consultation and regulatory review, EuroCCP has taken note of questions and suggested improvements of the Clearing Rules and has made final changes.

EuroCCP is pleased to announce that an updated version of its Clearing Rule Book is now available on its website, along with a memo and updated versions of the Regulations.

The new Clearing Rules will become effective as of the launch of the equity derivative clearing service. Clearing Participants will be informed of the effective date via a Newsflash.

Should you have questions relating to these changes, please contact the EuroCCP Legal and Compliance Department at compliance@euroccp.com.

Should you have any further queries, please do not hesitate to contact us.

 

 

 

EuroCCP H1 2021 Highlights

EuroCCP continues to strengthen its position as a leading pan-European clearing house with the help of our valued clients and partners. We are excited to see further growth in the second half of 2021 with the addition of new venues, services and further enhancements to facilitate ETF clearing. Regulatory approval has been received to clear equity derivatives, ready for Cboe Europe Derivatives launching on 6 September, 2021.

Dedicated Own EuroCCP Resources July 2021

As required under EMIR, article 8.4.2 of EuroCCP’s Clearing Rule Book confirms that EuroCCP will apply its own dedicated financial resources – “skin-in-the-game” – in the event of a member default, prior to the use of clearing fund contributions of non-defaulting clearing participants.

Regulation – Dedicated Own EuroCCP Resources, confirms that EuroCCP must determine the value of its financial resources amounting to 25% of the minimum required capital in the month following the month in which the annual report for prior year is approved.

The minimum capital requirement for determining “skin in the game / dedicated own resources” is the minimum capital required by EuroCCP pursuant to the regulatory technical standards for central counterparties (Regulation EU 152/2013). For the purposes of July 2021 calculation, EuroCCP’s unaudited balance sheet as at 30 June 2021 has been used and the level of dedicated own resources amounts to EUR 6.823.757,36. This amount will apply until a new amount is fixed in accordance with the aforementioned Regulation.

For questions on the above, please contact the Relationship Management team.

EuroCCP Relationship Management
T.   +44 20 7392 7480
rm@euroccp.com|euroccp.com

EuroCCP Receives Regulatory Approval for Equity Derivatives      

EuroCCP is delighted to inform its members that it has received regulatory approval to clear Equity Derivatives. Full details can be found in the press release.

This approval will enable EuroCCP to provide clearing services for Cboe Europe Derivatives, a new Amsterdam-based index futures and options exchange which is launching on 6th September.

The introduction of derivatives clearing diversifies EuroCCP’s product line, whilst strengthening its core franchise in cash equities, continuing its journey to become a  multi-asset clearing house.

For queries on the new Derivatives service, please contact the Relationship Management team.

EuroCCP Relationship Management
T.   +44 20 7392 7480
rm@euroccp.com|euroccp.com

Clearing Rule Book Consultation – May 2021 – Now Closed

On 11 May 2021 EuroCCP published an updated version of its Clearing Rule Book (“CRB”) on its website for consultation.

The changes to the CRB were open for consultation for a 30 calendar day consultation period. This period ended on 10 June 2021.

The purpose of the changes is to facilitate the clearing of certain types of equity derivative instruments as traded on the Cboe Europe Derivatives trading venue. As announced on 29 April 2021, Cboe has confirmed a go-live date of 6 September 2021 for Cboe Europe Derivatives, its new Amsterdam-based equity derivatives exchange, subject to regulatory approval.

We have received valuable comments which we will now further assess. A final version of the updated CRB is expected to be published on EuroCCP’s website in the next few weeks. EuroCCP expects the changes to apply as of Monday 6 September 2021.

Clearing Participants will be notified by Newsflash upon the new CRB being available on EuroCCP’s website.

Should you have any further queries, please do not hesitate to contact us.

EuroCCP to extend clearing to Euronext Oslo Growth Market

EuroCCP will be extending its clearing services to the Euronext Growth Oslo Market (previously known as MERKUR), with the target launch 28 June 2021.  The extension of clearing for the Norwegian growth stocks is subject to regulatory approval.

Euronext issued a market notice 20th May of the new cleared service including testing arrangements.

EuroCCP will support member testing from 2 June 2021.  Trades executed on the segment and cleared by EuroCCP will be reported with the MIC “MERK” in the daily CIF files.

Please note for those members already active on Oslo Bors and using EuroCCP, no additional setup is required and your existing connectivity will include the clearing of the Growth Market when the service goes live.

Please do not hesitate to contact the EuroCCP Relationship Management team

EuroCCP Relationship Management
T.   +44 207 131 3430
rm@euroccp.com|euroccp.com

Clearing Rule Book Consultation – May 2021

Dear Clearing Participant,

EuroCCP is pleased to announce that an updated version of its Clearing Rule Book is now available below for consultation, together with a memo including reading instructions.

 
The following regulations will also be updated.

  • Regulation Margin
  • Regulation Settlement
  • Regulation Clearing Days
  • Regulation Clearing Hours
  • Regulation Transfer and Open/Close (new)
  • Regulation Clearing Fund
  • Regulation Trade Refusal
  • Regulation Portability
  • Regulation Derivatives(new)

The updated versions of the following Regulations are available below for review.

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Consultation - Equity Derivative Regulations

Consultation versions 11 May 2021

The purpose of the changes is to facilitate the clearing of certain types of equity derivative instruments as traded on the Cboe Europe Derivatives trading venue. As announced on 29 April 2021, Cboe has confirmed a go-live date of 6 September 2021 for Cboe Europe Derivatives, its new Amsterdam-based equity derivatives exchange, subject to regulatory approval. The types of equity derivative instruments that will be cleared by EuroCCP are set out in the Regulation Derivatives. Further information can be found in the EuroCCP Clearing Rule Book and Regulations consultation memo.

Pursuant to Article 3.7.3 of the Clearing Rule Book, the changes to the Clearing Rule Book are open for consultation for a period of 30 calendar days, starting on 11 May 2021 and ending on 10 June 2021.

EuroCCP expects the changes to apply as of Monday 6 September 2021. Clearing Participants will be advised of the outcome of the consultation by newsflash following the consultation period.

All changes are subject to regulatory review and approval.

Should you wish to take part in the consultation process or have questions relating to these changes, please contact the EuroCCP Legal and Compliance Department at compliance@euroccp.com.

Should you have any further queries, please do not hesitate to contact us.

Cboe Europe Derivatives Launch – Go-live announced

Dear EuroCCP Member,

I am delighted to inform you that Cboe has confirmed a go-live date for Cboe Europe Derivatives, its new Amsterdam-based equity derivatives exchange, of Monday, 6 September 2021, subject to regulatory approvals.

As you’ll be aware, EuroCCP is expanding into equity derivatives to provide clearing services for this exchange. This is the first major joint initiative between the two companies since EuroCCP was acquired by Cboe in July 2020. 

We are also excited by the group of participants that have been secured, so far, to participate in the initiative.  Participant bank and clearing firms include ABN Amro Clearing, Goldman Sachs and Morgan Stanley. Market-makers and proprietary trading firms that have already confirmed their participation include All Options, Da Vinci Derivatives, DRW, Flow Traders, Liquid Capital Markets and Susquehanna International Securities. 

The press release regarding these announcements is attached.   

http://ir.cboe.com/press-releases

Expanding into equity derivatives is a natural expansion of EuroCCP’s pan-European cash equities business, and we couldn’t be more thrilled to help bring competition to the European equity derivatives marketplace through this initiative as part of the Cboe group. 

The exchange will launch initially with futures and options based on six Cboe Europe equity indices, with further products added based on customer demand.  

I would like to thank you for your continued support and on behalf of the EuroCCP team, I look forward to continuing our partnership and collaboration to bring efficient clearing and innovation to you.

Cécile Nagel

CEO, EuroCCP N.V.