Leading Pan-European Clearing House

Preferred Clearing

Cboe Clear Europe is the leading pan-European CCP in Europe and champions Open Access through Preferred Clearing, introducing competitive clearing to regulated markets where full interoperability is not currently available.

Cboe Clear Europe has access to around 95 percent of European equities trading activity executed on recognised exchanges. However, only 73 percent of this trade flow is fully interoperable, with 22 percent adopting a clearing process called "User Choice", or "Preferred Clearing". Under this model, a trade is cleared by the "Preferred CCP" when both sides of the trade have selected the "Preferred CCP" as their clearing provider.

Preferred Clearing VenuesPrimary CCPPreferred CCP
Euronext (AMS, PAR, BRU, LIS, MIL, DUB)Euronext ClearingCboe Clear Europe
Deutsche BorseEurexCboe Clear Europe

How Does Preferred Clearing Work?

For Cboe Clear Europe to clear a trade on one of these venues, the buyer and seller of the trade need to select Cboe Clear Europe as a preferred CCP at the point of onboarding.

The greater number of participants, the greater the chance of a trade being cleared by the "Preferred CCP".

In order to maintain transaction reporting, trade booking and reconciliation, the venues will report back to each trading participant which CCP has cleared the trade.

Preferred clearing diagram

Product Features


To find out more about Preferred Clearing, contact Relationship Management.
Phone: +44 20 7131 3430
mail: [email protected]

Please also see our Preferred Clearing FactSheet.

Cboe Clear Europe: Europe's Preferred CCP. Click here for Preferred Clearing Growth on Euronext

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