EuroCCP rebrands to Cboe Clear Europe following 2020 acquisition

Since acquiring the clearing house, Cboe has grown the number of venues it provides clearing services to from 37 to 47.

Cboe has rebranded its clearing house EuroCCP to Cboe Clear Europe, after acquiring it in July 2020.

Cboe Clear Europe claims to favour an open access approach to its operations and market structure, growing the number of venues it provides clearing services to from 37 to 47.

It also launched an equity derivatives clearing offering to support Cboe Europe Derivatives (CEDX), Cboe’s new venue launched at the end of last year.

In keeping with its open access position, Cboe Clear Europe has continued to focus on growing its preferred clearing business. The preferred clearing model allows a CCP to connect to a trade feed at an exchange for a fee and clear a trade provided that both counterparties have selected it as their preferred CCP.

Following Euronext’s decision to terminate its contract with LCH SA at the end of last year, both Cboe Clear Europe and LCH SA have confirmed their intention to offer their services to Euronext’s markets in this capacity.

Euronext intends to use its newly acquired clearing house Euronext Clearing, formerly CC&G and acquired as part of the Borsa Italiana deal, as its primary clearinghouse, and has not yet confirmed how it intends to use the open access model.

“Cboe Clear Europe and its team have helped to drive significant post-trade efficiencies in European equity markets and developed a reputation for exceptional levels of client service, innovation and risk management,” said Natan Tiefenbrun in a statement.

“As it takes its new name and enters its next phase of growth, those attributes — as well as a fundamental belief in open access — will continue to underpin the business to ensure participants go on reaping the benefits of a competitive clearing environment.”