EuroCCP to clear for new post-Brexit EU entities of Cboe, Turquoise & Aquis

Cboe and Turquoise have established EU entities in Amsterdam, while Aquis Exchange set up its new EU base in Paris.

By Hayley McDowell

European equities clearinghouse EuroCCP has been chosen to provide clearing services to the recently established EU-entities of Cboe Europe, Turquoise and Aquis Exchange following Brexit.  

EuroCCP said in a statement that it had received the necessary regulatory approvals to provide the post-trade services, which will allow clients to continue trading and clearing activities upon the UK’s departure from the European Union.

“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 of EuroCCP.

As the UK continues to negotiate its exit from the EU, Cboe Europe and the London Stock Exchange Group’s (LSEG) Turquoise both opted to establish EU bases in Amsterdam, whilst Aquis Exchange confirmed its new European base would be located in Paris.

All three of the EU-based entities will provide market participants with the ability to trade EU-listed securities, as their UK venues continue to provide trading in UK and Swiss stocks. EuroCCP will create the clearing arrangements in the EU-listed securities as soon as the new EU entities are ready to go live, the clearinghouse confirmed.

Nagel, a former LSEG veteran who most recently headed up the exchange group’s markets product development, was appointed chief executive of EuroCCP during the summer last year after its founder Diana Chan confirmed plans to step down from her position.  

She added that in addition to the plans to provide post-trade services to the EU entities of Cboe, Aquis and Turquoise, EuroCCP has also onboarded six new EU-based entities acting as clearing members, alongside 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,” Nagel concluded.