Markets

Cboe Clear Europe is a pan-European central counterparty (CCP) that provides clearing and settlement services for 52 venues and segments including:

#	Operator	Name of Platform	Jurisdiction	MIC	Clearing Model
1	Aquis Exchange Limited	AQUIS	England and Wales	AQXE	Interoperable
2	Aquis Exchange SAS	AQUIS EU	France	AQEU	Interoperable
3	Börse Berlin AG	EQUIDUCT	Germany	XEQT	Interoperable
4	Cboe Europe BV	CBOE EUROPE BV	Netherlands	CEUX	Interoperable
5	Cboe Europe Limited	CBOE EUROPE - BXE ORDER BOOKS	England and Wales	BATE	Interoperable
6	Cboe Europe Limited	CBOE EUROPE EQUITIES & CBOE EUROPE EQUITIES CHIX BOOK	England and Wales	CHIX	Interoperable
7	Deutsche Börse AG	FRANKFURTER WERTPAPIERBORSE (FWB), THE FRANKFURT STOCK EXCHANGE - (XETRA)	Germany	XETR	Preferred
8	Deutsche Börse AG	XETRA MIDPOINT	Germany	XEMI	Preferred
9	Deutsche Börse AG	XETRA SCALE	Germany	XETS	Preferred
10	Deutsche Börse AG	XETRA SCALE OFF BOOK	Germany	XETW	Preferred
11	Euronext Amsterdam	EURONEXT AMSTERDAM	Netherlands	XAMS	Preferred
12	Euronext Amsterdam	EURONEXT AMSTERDAM – MULTI-CURRENCY TRADING	Netherlands	XAMC	Preferred
13	Euronext Brussels	EURONEXT ACCESS BRUSSELS	Belgium	MLXB	Preferred
14	Euronext Brussels	EURONEXT BRUSSELS	Belgium	XBRU	Preferred
15	Euronext Brussels	EURONEXT GROWTH BRUSSELS	Belgium	ALXB	Preferred
16	Euronext Brussels	EURONEXT TRADING FACILITY BRUSSELS	Belgium	TNLB	Preferred
17	Euronext Dublin	EURONEXT DUBLIN ATLANTIC SEC	Ireland	XATL	Preferred
18	Euronext Dublin	EURONEXT DUBLIN ACCESS MARKET	Ireland	XACD	Preferred
19	Euronext Dublin	EURONEXT DUBLIN MAIN SEC	Ireland	XMSM	Preferred
20	Euronext Dublin	EURONEXT GROWTH DUBLIN	Ireland	XESM	Preferred
21	Euronext Lisbon	EURONEXT ACCESS LISBON	Portugal	ENXL	Preferred
22	Euronext Lisbon	EURONEXT GROWTH LISBON	Portugal	ALXL	Preferred
23	Euronext Lisbon	EURONEXT LISBON	Portugal	XLIS	Preferred
24	Euronext Milan	EURONEXT MILAN – BORSA ITALIANA EQUITY MTF	Italy	BGEM	Preferred
25	Euronext Milan	EURONEXT MILAN MTA	Italy	MTAA	Preferred
26	Euronext Milan	EURONEXT MILAN - ETF PLUS	Italy	ETFP	Preferred
27	Euronext Oslo	EURONEXT GROWTH OSLO	Norway	MERK	Interoperable
28	Euronext Oslo	Euronext OSLO	Norway	XOSL	Interoperable
29	Euronext Oslo	EURONEXT EXPAND OSLO	Norway	XOAS	Interoperable
30	Euronext Paris	EURONEXT GROWTH PARIS	France	ALXP	Preferred
31	Euronext Paris	EURONEXT PARIS	France	XPAR	Preferred
32	Euronext Paris	EURONEXT ACCESS PARIS	France	XMLI	Preferred
33	Euronext Paris	EURONEXT PARIS – MULTI-CURRENCY TRADING	France	XPMC	Preferred
34	Goldman Sachs International	SIGMA X MTF	England and Wales	SGMX	Interoperable
35	Goldman Sachs Paris Inc. et CIE (GSPIC)	SIGMA X EUROPE MTF	France	SGMU	Interoperable
36	Instinet Europe Limited	INSTINET BLOCKMATCH MTF	England and Wales	BLOX	Interoperable
37	Instinet Germany GMBH	BLOCKMATCH EU MTF	Germany	EBLX	Interoperable
38	London Stock Exchange PLC	LSE LONDON STOCK EXCHANGE	England and Wales	XLON	Interoperable
39	Nasdaq Copenhagen	NASDAQ COPENHAGEN	Denmark	XCSE	Interoperable
40	Nasdaq Helsinki	NASDAQ HELSINKI	Finland	XHEL	Interoperable
41	Nasdaq Stockholm	NASDAQ FIRST NORTH	Sweden	FNSE	Interoperable
42	Nasdaq Stockholm	NASDAQ STOCKHOLM	Sweden	XSTO	Interoperable
43	OSTRA	TRAIANA	US	TRAI	Interoperable
44	SIX Swiss Exchange AG	SIX SWISS EXCHANGE & SWISS LIQUIDNET SERVICES	Switzerland	XSWX	Interoperable
45	Spotlight Stock market AB	SPOTLIGHT STOCK MARKET AB	Sweden	XSAT	Interoperable
46	TP ICAP (EUROPE) SA	TP ICAP EU - MTF - REGISTRATION	France	TPIR	Interoperable
47	TP ICAP MTF LIMITED	TP ICAP UK MTF - CASH EQUITY	England and Wales	IMCE	Interoperable
48	Tradeweb BV	TRADEWEB EU BV - MTF	Netherlands	TWEM	Sole CCP
49	Tradeweb Europe	TRADEWEB EUROPE LIMITED	England and Wales	TREU	Sole CCP
50	Tradeweb LLC	TRADEWEB RFQ	US	TRWB	Sole CCP
51	Turquoise Global Holdings Europe B.V.	TURQUOISE EUROPE	Netherlands	TQEX	Interoperable
52	Turquoise Global Holdings Limited	TURQUOISE	England and Wales	TRQX	Interoperable

Cboe Clear Europe also clears over-the-counter (OTC) European cash equities trades provided by matching platform Traiana.

Securities from 20 different markets are cleared and settled through Cboe Clear Europe. In order to offer an efficient settlement solution, Cboe Clear Europe has established direct connectivity with 15 national Central Securities Depositories (CSDs). For those markets that do not settle through direct connectivity, Cboe Clear Europe uses an account operator or settlement agent model:

Austria - OeKB
Belgium - Euroclear Belgium
Denmark - Euronext Securities
Finland - Euroclear Finland
France - Euroclear France
Germany - Clearstream Banking Frankfurt and Clearstream Banking International
Ireland - Euroclear Bank
Italy - Euronext Securities
Netherlands - Euroclear Nederland
Norway - Euronext Securities
Portugal - Euronext Securities

Spain - Iberclear
Sweden - Euroclear Sweden
Switzerland - SIX SIS
UK - Euroclear UK & International
Czech Republic - Settlement agent
Hungary - Settlement agent
Poland - Settlement agent
ETPs and Depository Receipts - Euroclear Bank

For an overview of the service, we would refer you to Cboe Clear Europe's Service Overview:

picture_as_pdfCboe Clear Europe Service Overview

Market Specifics

In addition to the Cboe Clear Europe Service Overview and Regulations, a detailed service description is available for the Spanish and Swiss market. We would refer you to the section on Spain for the Service Description and Specifications – Spanish market and the section on Switzerland for the Service Description – CSD PoA Swiss Market.

Sections: Spanish market | Swiss market | Top

Spanish market

Cboe Clear Europe is a direct Iberclear participant with CCP status and is an authorised and certified Directly Connected Party (DCP) to the Target2 Securities (T2S) platform in the Spanish market. The CCP status implies that Cboe Clear Europe will (i) be responsible for the reporting of all gross transactions it has cleared and (ii) must support the operational processes relating to the four different types of accounts at Iberclear, namely Individual (I), Proprietary (P), Third Party (TPA) and Special Financial Intermediary (SFI).

In addition to an efficient settlement solution, Cboe Clear Europe offers Trade Realignment, Ownership reporting and Hold & Release services to enable Clearing Participants to comply with Spanish market practices. A detailed description of these services and specification can be found in Cboe Clear Europe's Service Description and Specifications - Spanish Market.

picture_as_pdfService Description and Specification Spanish Market

Sections: Spanish market | Swiss market | Top

Swiss market

As a direct participant with SIX SIS, the Swiss Central Securities Depository (CSD), Cboe Clear Europe and its Clearing Participants benefit from a number of functionality enhancements which improve settlement efficiency. In its role as CCP with SIX SIS, Cboe Clear Europe supports the CSD Power of Attorney settlement model. Settlement instructions that are submitted through this model benefit of the auto-split functionality. A detailed description of these services and specification can be found in Cboe Clear Europe's Service Description - CSD PoA Swiss Market.

picture_as_pdfService Description - CSD PoA Swiss Market

Sections: Spanish market | Swiss market | Top