Tim Beckwith Joins EuroCCP as Head of Commercial Development

Amsterdam and London, 25 June 2019 – EuroCCP, Europe’s leading equities clearinghouse, today announces the appointment of Tim Beckwith as Head of Commercial Development. Mr Beckwith joins from LCH Ltd where he was a Director and Head of Sales and Relationship Management for equities.

In his new role, Mr Beckwith will lead a team of eight people with responsibility for sales, relationship management, client services, marketing and product development. He will focus on advancing and growing client relationships, generating new business and looking for opportunities to create new products and services that address clients’ needs.

Mr Beckwith has extensive financial markets experience and has worked for the past 10 years in senior client relationship and business development roles in major financial institutions including London Stock Exchange Group and Bank of America Merrill Lynch.

Mr Beckwith will report directly to EuroCCP’s CEO, Cécile Nagel.

Commenting on the appointment, Ms Nagel said: “EuroCCP is a client centric organisation and we are proud of our strong engagement and partnership with our clients. I am delighted that we have been able to recruit someone with Tim’s industry knowledge and experience to help us develop the business and address clients’ needs in a continuously changing environment.”

Mr Beckwith will join EuroCCP on 1st July as part of the firm’s Senior Management Team. His recruitment follows the appointment of David Hatton as Chief Technology Officer in May.

EuroCCP Appoints David Hatton as Chief Technology Officer

Amsterdam and London, 14 May 2019 – EuroCCP, Europe’s leading equities clearinghouse, today announces the appointment of David Hatton as Chief Technology Officer. Mr Hatton will take over from Albert-Jan Huizing, who has decided to step down at the end of June 2019 having worked at EuroCCP since its formation in 2007.

Mr Hatton brings 25 years financial services technology experience having worked across Europe in London, Frankfurt, Paris and Geneva. He joined LCH in 2011 and helped build and launch their Foreign Exchange Clearing Service – ForexClear. In 2014, Mr Hatton moved to Paris as Head of IT for CDSClear where he led the technical aspects of their transformation programme and had overall responsibility for IT Strategy, Run and Change. Most recently David was Product Owner for the FX Option Migration Project at Commerzbank AG.

Reporting directly to EuroCCP’s CEO, Cécile Nagel, Mr Hatton will be responsible for setting the firm’s IT strategy and managing the IT function across infrastructure, application development and support.

Commenting, Ms Nagel said: “I am delighted that David has chosen to join EuroCCP. As we continue to develop our business, we need to understand how existing and new technology can help support our growth and bring efficiencies to our clients.”

Since its inception, EuroCCP has become one of the pre-eminent pan-European equities CCPs, with access to 36 venues including CBOE Europe, Euronext, the London Stock Exchange, Nasdaq and SIX Swiss Exchange.

Paying tribute to Albert-Jan Huizing, Ms Nagel added: “He has been integral to the development and success of EuroCCP since it was launched more than 10 years ago, helping turn the business into one of Europe’s leading market infrastructures. His contribution and counsel will be missed.”

Mr Hatton will join EuroCCP on 20th May 2019 allowing for handover and a smooth transition.

EuroCCP to Provide Post-Trade Services to EU-Based Entities of Aquis Exchange, Cboe Europe Equities and Turquoise

Amsterdam and London, 18 March 2019 – EuroCCP, Europe’s leading equities clearinghouse, today confirms that it has obtained the necessary regulatory approvals to provide post-trade services to the EU-based entities of Aquis Exchange, Cboe Europe Equities and Turquoise.

Working together, Aquis Exchange, Cboe Europe Equities, Turquoise and EuroCCP have developed a facility that will enable customers to continue with their trading and clearing activity post-Brexit. Specifically, it is expected that the EU-based entities of the three trading venues will offer market participants the ability to trade in EU-listed securities following Brexit, while continuing to operate their UK-based trading venues for the trading of UK and Swiss-listed securities. EuroCCP will activate the clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready to go live.

While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29th March,” said Cécile Nagel, Chief Executive Officer of EuroCCP.

She continued: “In addition to today’s announcement, we have also successfully on-boarded six new EU-based entities acting as clearing members, together with more than 10 new EU-based trading members. Our work with all market participants has intensified in recent weeks as we set up and operate the new memberships, to secure frictionless pre- and post-trading activity in EU-based and UK-based products after Brexit.”

In order to ensure a smooth go-live, EuroCCP is seeking to have all new clearing memberships in place prior to the go live date agreed with the new venues, which currently remains as 1st April 2019.

As of end 2018, EuroCCP was able to access close to 90% of European equities markets and achieved a share of over 30% of clearing in this competitive environment.

Industry stakeholders partner on blockchain based margin and collateral solution

AMSTERDAM, BRUSSELS, LONDON and STOCKHOLM, 19 June 2018 – ABN AMRO Clearing, EuroCCP, Euroclear and Nasdaq have completed a joint proof of concept to make the use of securities more efficient when used to cover margin calls, including after business hours, using blockchain, or distributed ledger technology (DLT).

This solution addresses significant business challenges and inefficiencies related to the current provision of collateral to Central Counterparties (CCPs) and has demonstrated that a shared, resilient network can be built between collateral givers, collateral takers and intermediaries.

The inefficiencies of collateral processing  have been heightened as a result of recent market changes such as extended trading hours by stock exchanges and the requirement to centrally clear derivatives traded bilaterally (OTC) under the European Market Infrastructure Regulation (EMIR). Today, a CCP margin call typically needs to be covered by euro collateral within a short time frame. After the regular hours of central banks and central securities depositories, usually ending at 18:00 CET, options are limited. Several CCPs currently allow for the use of securities to cover intraday (evening) initial margin calls, but this method is rarely used due to inefficient and complex securities delivery processes.

As an increasing number of buy-side market participants centrally clear their derivatives trades, the need to provide an efficient securities collateral solution has become essential. Using the solution developed in the proof of concept, parties were able to handle the margin call, the securities collateral delivery and the return process within minutes. Clearing participants and CCPs were able to optimise their collateral positions through a collateral dashboard.

The underlying collateral transfers were processed by Euroclear’s Central Securities Depository, ensuring settlement finality and regulatory compliance.

Nasdaq developed the proof of concept for the DLT nodes while ABN AMRO Clearing, EuroCCP and Nasdaq Clearing developed a specific front-end and managed integration into their own environments.

Coen van Walbeek, Global Head of Treasury and SBL  at ABN AMRO Clearing said: “With a faster and more globalised market, it is essential to make the processing of collateral more efficient. Expanding the possibilities to use securities as collateral will make clearing through CCPs more attractive and cheaper for buy-side market participants. This is a breakthrough for the CCP model.”

Diana Chan, CEO at EuroCCP said: “We are excited to be partnering on a proof of concept  that is extremely useful for transactions that are not already well-served by market infrastructures. With a solution like this in place we will be able to efficiently provide counterparty risk protection of equity trades after hours while reducing operational complexities. Today we are limited by European banking hours or arrangements in other time zones.”

Walter Verbeke, Global Head of Business Model and Innovation at Euroclear added: “As a major collateral house, holding € 28.5 trillion worth of assets, we are pleased to participate in this initiative. It demonstrates that a smart combination of NewTech and the resilience of the Central Securities Depository can work effectively and in full compliance with regulatory requirements.”

“As both a leading market technology provider and a CCP operator, Nasdaq is uniquely positioned to bring efficiencies to collateral management. We believe that blockchain technology brings with it a huge potential to transform markets everywhere, and this project is an excellent showcase of this.” said Julia Haglind, CEO of Nasdaq Clearing.

About ABN AMRO Clearing

ABN AMRO Clearing is one of the world’s leading providers of clearing and financing services for listed derivatives and cash securities, OTC products, warrants, commodities and FX. With 11 offices globally employing more than 800 staff, ABN AMRO Clearing services clients on 160+ exchanges, MTFs and FX liquidity centres and consistently ranks as a top 3 clearer in most time zones.   We consistently post over 20% market share of transactions cleared on most relevant derivatives exchanges globally. ABN AMRO Clearing offers an integrated approach to global transaction processing, financial logistics and risk management and processes over 16 million trades per day.

ABN AMRO Clearing received the FOW Award as the ‘Proprietary Traders’ Clearing Firm of the Year’ (Dec 2013, 2014, 2015, 2016,2017); the CTA Intelligence Award for FCM – Best Client Service (US, Jan 2015 and 2016; Europe, Nov 2016), FCM – Innovation (US, Jan 2017;  Europe, Nov 2017) and Best FCM – Overall (Europe, Nov 2015).  We also received the HFM-Week Service Award for Best Prime Broker – Client Service (Europe, Apr 2016). For more information: www.abnamroclearing.com

About EuroCCP

EuroCCP clears equities traded on stock exchanges, multilateral trading facilities and other trade sources. After a trade has been executed, EuroCCP centrally manages counterparty risk for trading firms and reduces their post-trade costs through netting. EuroCCP is the most connected CCP in Europe, with access to 82% of equity trades executed on 26 trading platforms. EuroCCP clears equities, ETFs and depositary receipts listed in 19 national markets including the United States.

EuroCCP is headquartered in Amsterdam, equally owned by the stock exchanges Cboe Europe, Euronext and Nasdaq, by ABN AMRO Clearing Bank and by The Depository Trust & Clearing Corporation (DTCC).

About Euroclear

Euroclear group is the financial industry’s trusted provider of post trade services. At the core, the group provides settlement, safe-keeping and servicing of domestic and cross-border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.

The Euroclear group includes Euroclear Bank – which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s – as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 733 trillion in securities transactions in 2017, representing 215 million domestic and cross-border transactions and held EUR 28.6 trillion in assets for clients.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion.

To learn more, visit: http://business.nasdaq.com

For further information please contact

ABN AMRO Clearing:  Brigitte Seegers +31 20 6283365, brigitte.seegers@nl.abnamro.com

EuroCCP: Jeff Watt, Greentarget, +44 207 324 5482, jeff.watt@greentarget.co.uk

Euroclear: Inge Drijkoningen, +32 2 326 4431, inge.drijkoningen@euroclear.com

Nasdaq: David Augustsson, +46 734496135, david.augustsson@nasdaq.com

OFT clears EMCF and EuroCCP to combine

New pan-European clearing house to be created following unconditional clearance by the UK competition authority

<--break->AMSTERDAM and LONDON, 21 October 2013 – EMCF and EuroCCP today announce that the Office of Fair Trading (OFT), the UK’s consumer and competition authority, has recommended an unconditional clearance for the two clearing houses to combine to form a new pan-European cash equities clearing house that builds on the strengths of both firms – https://www.gov.uk/cma-cases/abn-amro-emcf-euroccp.

In March 2013, EMCF and EuroCCP announced plans to combine their strengths and capabilities to form a new entity, to be called EuroCCP N.V., that will deliver greater efficiencies and sustainable competition to the pan-European market place. The deal was formally referred voluntarily to the OFT in August 2013.

Diana Chan, CEO, EuroCCP and CEO designate of the new company, said: “We are grateful to the OFT for reaching a swift decision in relation to combining EMCF and EuroCCP and we are pleased that their conclusions support our own assessment that bringing the two companies together is in the best interests of competition in the clearing of European cash equities.”

Jan Booij, CEO of EMCF and COO designate of the new company, said: “We will now focus on completing the transaction and delivering the best practices of both companies to all of our customers as well as providing sustainable competition to the European clearing market.”

The transaction is now expected to complete as soon as all other regulatory approvals for the new shareholders have been received.

Current owners of EMCF – ABN AMRO Clearing Bank and NASDAQ OMX – and current owner of EuroCCP – The Depository Trust & Clearing Corporation (DTCC) – along with BATS Chi-X Europe, will be equal shareholders in the new combined clearing house.