Press Release 13th April 2021

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.

Ends

For further information

Jane Padgham

Associate Director, Greentarget

Email: jane.padgham@greentarget.co.uk

Direct: 020 8940 0542

Mobile: 07990 571 366

 

About EuroCCP

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.

 

Risk Replatform go-live date

Following our previous communication and successful client testing, EuroCCP are ready to confirm the go-live date of 19 April 2021 on the replacement of our current risk system (“CoH”) with a new risk system (“CleaRisQ”). The new risk reports are intended to replace the existing set of CoH reports.

EuroCCP will use the existing delivery methods currently in place upon implementation.

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

Change of Contact Details for EuroCCP London

Dear Clearing Participant,

Please be aware that EuroCCP’s contact details are changing.

The Relationship Management hotline is now +44 207 131 3430:

For all queries related to:

  • General EuroCCP interest
  • Business Development & Sales queries
  • Request for direct Relationship Manager assistance:

E-mail: rm@euroccp.com

For all queries related to:

  • Onboarding material
  • Member Reporting
  • Statement of Authority, Power of Attorney, Direct Debit forms
  • Client related static data: Netting forms and SSI changes

E-mail: clientservices@euroccp.com

For all queries related to:

  • Client & Platform testing,

E-mail: clienttesting@euroccp.com

 

The Operations hotline is now +31 20 5703 333

Department coverage hours are 08:00 – 20:00 CET (07.00-19.00 UK time):

For all queries related to:

  • Day-to-day operational questions
  • Settlements
  • Funding
  • Instrument static data

E-mail: mbo@euroccp.com

  • Margin
  • Collateral
  • Payments

E-mail: collateral@euroccp.com

  • Corporate Actions / Income

E-mail: ca@euroccp.com

  • Partial/Splitting Requests

E-mail: partials@euroccp.com

Landline telephone numbers for EuroCCP’s London Office will also change and details of updated individual contacts numbers including the above hotline changes can be found on the “contact us” webpage on the company website.  The link is shown below;

https://euroccp.com/home/contact-us/contacts/

All new contact details are effective immediately and the previous contact numbers will be discontinued by the end of March 2021.   All lines are temporary diverted until this date.

Please kindly update your contact information and we look forward to serving you as usual with the new telephone numbers.

Please also be aware that effective 1st May 2021 EuroCCP’s London Office address will change. EuroCCP’s new address in London will be;

11 Monument St

5th Floor

London

EC3R 8AF

UK

EuroCCP’s contact details, visiting address and registered address in Amsterdam will remain unchanged.

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

2020 Highlights

In what was a challenging year for us all, EuroCCP were able to strengthen  and grow, and that’s down to our valued customers and partners.

2021 will introduce further growth, new venues, and services for EuroCCP, and we look forward to your continued support.

Please see our 2020 highlights report.

 

 

 

 

 

U.S. Sanctions on Chinese Military companies

Effective 11 January 2021, U.S. Executive Order 13959 issued by President Trump (the “Order”) becomes effective. The Order prohibits U.S. persons from engaging in certain securities transactions involving entities identified in or pursuant to the Order.  Details of the Order and guidance on interpretation of the Order issued by the Office of Foreign Assets Control (OFAC) can be found using the link below:

Chinese Military Companies Sanctions

EuroCCP is not a U.S. person for the purposes of this Order.

EuroCCP would like to remind Clearing Participants of their responsibility to ensure they act in accordance with any applicable limitations or obligations arising under U.S. law.

EuroCCP will continue to monitor the U.S. sanctions regulations and will notify you of any actions EuroCCP decides to take. Clearing Participants are reminded that nothing contained in this newsflash constitutes legal advice, and Clearing Participants are encouraged to monitor the evolving status of U.S. sanctions regulations and act accordingly.

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

Sigma-X EU MTF – Go live announced

Following EuroCCP’s Newsflash dated 30 November, Sigma X has now confirmed that 21 December is the go-live date of its EU entity – Sigma X Europe MTF.

Through its EU entity Sigma X Europe MTF (MIC-code SGMU), Sigma X will enable participants to continue trading in EEA symbols only (excluding UK and Swiss) and will continue to operate its UK based trading venue Sigma X UK (MIC-code SGMX) for trading with the same market coverage as today.

Clearing Participants wishing to trade on Sigma X Europe MTF will need to have the following actions completed as soon as possible with EuroCCP:

·         Statement of Authority signed

·         Netting set up agreed

·         Standard Settlement Instructions (SSIs) confirmed

·         Successful testing undertaken

Further information on membership applications, client testing and transition arrangements can be found at EuroCCP’s EU based venues & Brexit web page.

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

EuroCCP Named Clearing House of the Year

 

EuroCCP is delighted to have been named ‘Clearing House of the Year’ by Financial News in its 2020 Trading & Technology Awards. This award reflects EuroCCP’s achievements over the past year in the post-trade equities market in Europe.

 Under the leadership of CEO Cecile Nagel, the company has grown through its venue connections, cleared volume and completed the transaction with Cboe Global Markets. 

Whilst we continue to operate in difficult conditions, we look forward to partnering with our clients in 2021 to enhance our equities business, expand into equity derivatives and help to bring efficiencies and liquidity to the ETF market.

Thank you for your continued partnership and support.

Cboe Global Markets Completes EuroCCP Acquisition

Today, Cboe Global Markets has completed its acquisition of EuroCCP.

The acquisition brings together two pan-European organizations that have long championed competition, open access and clearing interoperability in Europe.

The full press release is available here.

The acquisition paves the way for the planned launch of Cboe Europe Derivatives, a new Amsterdam-based futures and options market, in the first half of 2021, subject to regulatory approvals.

For further information on this important milestone in our history, please contact the Relationship Management team.

Updated Regulation Investment Policy

 

EuroCCP is pleased to inform you that it has updated its Regulation EuroCCP Investment Policy.

The changes have been approved in accordance with the requirements of the Regulation and relate to the following:

Additions

  • Citibank, National Association (LEI E57ODZWZ7FF32TWEFA76) is recognised as a Credit Institution.
  • Annex 1, Approved Countries has been extended with The United States of America.

Removal(s)

  • Lloyds Bank PLC is no longer recognised as a Credit Institution.

Following the above changes, EuroCCP will publish its updated Regulation Acceptable Collateral after thirty (30) days following this newsflash .

The Regulation Acceptable collateral will be extended to include United States Treasury Securities.

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

Revised Liquidity Framework Client Package

Following the conclusion of the consultation of the Revised Liquidity Framework, the website has now been updated with further details and examples of the additional member reporting. Further details can be found in the following document.

 

It is anticipated that the new measures will come into effect on 1st July, subject to regulatory approval.