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.

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.

Sigma-X EU MTF

Dear Clearing Participant,

Following EuroCCP’s Newsflash dated 20 December 2018 and 28 January 2019 regarding the establishment of new EU-based venues in advance of the UK’s exit from the European Union on 31 December 2020, Sigma X has announced its intention to go-live with its EU entity – Sigma X Europe MTF (subject to regulatory approvals).

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

Turquoise Europe MTF – Go-live 30 November 2020

Turquoise has announced its intention to go-live with its EU entity on Monday 30th November 2020, in advance of the end of the transitional period of the UK exiting the European Union. This is subject to a final go / no-go decision next week.

Turquoise has obtained regulatory approval from the Autoriteit Financiële Markten (AFM) in The Netherlands to operate as an MTF (Turquoise Europe).

Clearing Participants wishing to trade on Turquoise Europe (Operator MIC TQEX) 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 Relationship Management
T. +44 20 7392 7480
rm@euroccp.com|euroccp.com

Aquis Exchange Europe (AQEU) extends additional securities on their European venue trade date 12 November 2020

After Aquis Exchange Europe’s (AQEU) initial soft launch in March 2019, where 13 selected securities were made available for trading, EuroCCP is pleased to announce its readiness to activate over 1,000 additional securities to AQEU at close of business on 11th November 2020.
Clearing Participants wishing to start trading on the new platform need to ensure that the following is completed:-

• Statement of Authority fully completed and 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 Relationship Management
T. +44 20 7392 7480
rm@euroccp.com|euroccp.com

Clearing Rule Book Changes

EuroCCP announces that an updated version of its Clearing Rule Book is posted on its website.

On 21 April 2020 EuroCCP published an updated version of its Clearing Rule Book (“CRB”) together with an updated Regulation Trade Refusal and a newly introduced Regulation Liquidity Measures 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 20 May 2020.

The purpose of the changes is to introduce new tools and measures to address potential liquidity risks with the aim to enhance EuroCCP’s liquidity risk management framework and resilience.

Following feedback, a change has been made in the Regulation Liquidity Measures in respect of the look back period used to determine Qualifying Clearing Participants and to calculate the applicable Settlement Exposure Add-on Percentage. An uninterrupted period of three months instead of twelve months immediately prior to the Designation Date will be used to determine whether a Clearing Participant would qualify as Qualifying Clearing Participant. In addition,  the applicable look back period to calculate the Settlement Exposure Add-on Percentage will be changed from 12 months to 3 months as well.  This change will allow Clearing Participants to be sooner out of scope of the obligation to provide Settlement Exposure Add-on if the amount of liquidity risk brought to EuroCCP by that Clearing Participant has reduced over time.

Next to that a few clerical changes have been made in section 5 of the Regulation Liquidity Measures which we believe to be non-contentious. Apart from these adjustments no changes have been made to the versions that were published 21 April 2020.

The final versions of the updated CRB, the updated Regulation Trade Refusal and the new Regulation Liquidity Measures are now published on EuroCCP’s website. They will be in effect as of 1 July 2020.

Once more we would like to thank the Clearing Participants that have participated in the consultation.

For queries, please contact our Relationship Management department.