We are excited to share that EuroCCP is now clearing Cboe Europe Derivatives, the new Amsterdam-based futures and options market. See the press release here.
We are excited to share that EuroCCP is now clearing Cboe Europe Derivatives, the new Amsterdam-based futures and options market. See the press release here.
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:
“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.
For further information
Associate Director, Greentarget
Direct: 020 8940 0542
Mobile: 07990 571 366
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.
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.
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.
November 7, 2019 – EuroCCP, Europe’s leading equities clearing house, today announced that it will clear trades executed on Frankfurter Wertpapierbörse (FWB), the Frankfurt Stock Exchange, starting November 11, 2019. EuroCCP’s clearing services are now available on a preferred CCP basis for trades in cash equities and ETFs executed on Xetra© (MIC: XETR) for the first time.
EuroCCP has long advocated the benefits of open access and increased interoperability amongst European clearing houses. With the addition of FWB, EuroCCP has extended its clearing access to over 95 per cent of cash equity trades executed on organised markets in Europe.
Cécile Nagel, CEO, EuroCCP, commented: “Open access and competitive clearing have been essential drivers of post-trade simplicity and efficiency, and we are pleased to be able to extend our services to firms executing trades on FWB. This is a key milestone in pan-European equities clearing and will allow clearing members to consolidate more flow, reducing complexity and leading to significant operational, netting and cost efficiencies.”
EuroCCP is central to Europe’s equities markets and currently clears more than 30 per cent of the region’s cash equities and approximately 40 per cent of the trades on exchanges and venues offering three-way interoperability. Last year, EuroCCP finalised agreements to clear trades executed on leading exchanges including Oslo Børs, Borsa Italiana and Euronext Dublin. Earlier this year, EuroCCP announced it will clear European ETFs on Tradeweb, positioning EuroCCP as a clearing house with the broadest coverage in Europe.
EuroCCP is important to Europe’s equities markets as it currently clears for 38 trading venues, representing over 95% of the equity landscape in the continent, making EuroCCP the most connected equity CCP in Europe. EuroCCP provides clearing members with easy access and ability to maximise operational efficiency and netting opportunities whilst reducing risk and cost in the market. Headquartered in Amsterdam, EuroCCP is regulated by De Nederlandsche Bank and by Autoriteit Financiële Markten.
London – September 5, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, and EuroCCP, Europe’s leading equities clearing house, today announced a strategic collaboration to facilitate central counterparty clearing for European Exchange Traded Funds (ETFs).
This collaboration will help streamline European clients’ settlement process and minimise costs, by facilitating pre-settle margin and netting of exposures — while still offering pan-European ETF investors the transparency and benefits afforded by the RFQ process.
“By offering our clients the ability to centrally clear European ETF trades, we are enhancing the RFQ workflow by introducing a new post-trade process to help investors minimise settlement fails and improve efficiency,” said Enrico Bruni, head of Europe and Asia business at Tradeweb. “As a leader in the ETF marketplace, we remain fully committed to innovative client solutions, and we are excited about this new initiative.”
With regulators aiming to harmonise rules under the European Central Securities Depositories Regulation (CSDR), market participants will soon be subject to new Settlement Discipline procedures, including cash penalties for settlement fails and mandatory buy-ins. By offering access to central clearing and settlement services via EuroCCP within the trading workflow, Tradeweb will help clients navigate these new rules and mitigate counterparty risk for clearing participants.
Cécile Nagel, CEO, EuroCCP said: “Our partnership with Tradeweb allows us to expand our ETF clearing business, delivering a new and innovative service to clients which helps them to better manage the cost and risk of trading this asset class.”
“Introducing CCPs to ETF trading on Tradeweb’s RFQ platforms is an important market structure enhancement, improving the clearing, settlement and utility of ETFs,” said Jason Warr, Head of Global Markets at BlackRock iShares.
Tradeweb launched its European ETF trading platform in 2012 and its U.S. ETF trading platform in 2016. In August 2019, Tradeweb announced July trade volumes in European ETFs had risen by 55.2% Y-O-Y to reach a record figure of $1.5bn per day. As of June 30, 2019, over 60% of European ETF transactions were processed via Tradeweb’s Automated Intelligent Execution Tool (AiEX).
Tradeweb’s global ETF marketplaces deliver an alternative method for investment firms to access competitive OTC prices with greater efficiency and transparency. The platforms offer a number of tools that reduce errors and improve performance, while streamlining post-trade processing and providing reports that help institutional investors meet their best execution requirements. Tradeweb’s ETF CCP service is expected to be available by the fourth quarter of 2019, subject to regulatory approvals.
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, the expected timing and availability of Tradeweb’s new ETF CCP solution, our future performance, the markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in our prospectus filed with the SEC on April 5, 2019 and other documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance or events and our actual results and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future performance or events, our results or developments in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of performance, events, results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 60 countries. On average, Tradeweb facilitated more than $630 billion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
EuroCCP is important to Europe’s equities markets as it currently clears for 36 trading venues, representing near 90% of the equity landscape in the continent, making EuroCCP the most connected equity CCP in Europe. EuroCCP provides clearing members with easy access and ability to maximise operational efficiency and netting opportunities whilst reducing risk and cost in the market. Headquartered in Amsterdam, EuroCCP is regulated by De Nederlandsche Bank and by Autoriteit Financiële Markten. EuroCCP is equally owned by Cboe Europe, Euronext, NASDAQ, ABN AMRO Clearing Bank and The Depository Trust & Clearing Corporation (DTCC).
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.
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.
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.
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.
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
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).
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.
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
ABN AMRO Clearing: Brigitte Seegers +31 20 6283365, email@example.com
EuroCCP: Jeff Watt, Greentarget, +44 207 324 5482, firstname.lastname@example.org
Euroclear: Inge Drijkoningen, +32 2 326 4431, email@example.com
Nasdaq: David Augustsson, +46 734496135, firstname.lastname@example.org