Markets

Cboe Clear Europe is a pan-European central counterparty (CCP) that provides clearing and settlement services for 47 platforms including:

  • Aquis Exchange Europe
  • Aquis Exchange Plc
  • AQX Matching Pool
  • Atlantic Securities Market
  • Blockmatch Dark (Instinet)
  • Equiduct
  • Cboe Europe - BXE
  • Cboe Europe - CXE
  • Cboe Europe - DXE
  • Cboe Europe Derivatives
  • Euronext - Euronext Amsterdam
  • Euronext - Euronext Brussels
  • Euronext - Euronext Paris
  • Euronext - Trading Facility Brussels
  • Euronext Access Brussels
  • Euronext Access Lisbon
  • Euronext Access Paris
  • Euronext Blocks
  • Euronext Dublin
  • Euronext Dublin Enterprise Securities Market
  • Euronext Expand Oslo
  • Euronext Growth Belgium
  • Euronext Growth Dublin
  • Euronext Growth Lisbon
  • Euronext Growth Paris
  • Euronext Milan - Borsa Italiana Equity MTF
  • Euronext Milan - ETF Plus
  • Euronext Milan - MTA
  • Euronext Oslo
  • Euronext Oslo - Merkur Market
  • London Stock Exchange
  • Nasdaq Copenhagen A/S
  • Nasdaq First North Stockholm
  • Nasdaq Helsinki Ltd
  • Nasdaq Stockholm Ab
  • Sigma X Europe (GB)
  • Sigma X Europe (Paris)
  • Six Swiss Exchange
  • TP ICAP EU MTF
  • TP ICAP UK MTF
  • Tradeweb Direct LLC
  • Tradeweb EE BV - MTF
  • Tradeweb Europe Limited
  • Turquoise Europe
  • Turquoise UK
  • Xetra

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
  • United States – Euroclear Bank
  • Depository Receipts – Euroclear Bank

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

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.

Sections: Spanish market | Swiss market | Top