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AMSTERDAM and LONDON, December 21, 2022 /PRNewswire/ — Cboe Global Markets Inc. (Cboe: CBOE), a leading provider of global market infrastructure and exchangeable products, today announced the appointment Vikesh Patel as president of Cboe Clear Europe, its leading pan-European clearing house. Mr. Patel will join the company in early 2023, subject to regulatory approval. Mr Patel replaces Cecile Nagel, who stepped down from the role in September this year.
Mr. Patel has over fifteen years of experience in financial market infrastructure and joins from SVIFT, where he was most recently Head of Securities with responsibility for the global leadership of securities strategy. Prior to joining SVIFT in 2017, Mr. Patel was Chief Operating Officer at LCH, focusing on strategy, risk management and new product development for the clearing organization’s EquityClear and RepoClear businesses. Mr. Patel also served in global executive positions at Goldman Sachs and Morgan Stanley, with a primary focus on market infrastructure and post-trade strategy. He began his career at HM Treasury working on a range of domestic and international policy areas and served as Private Secretary and Financial Secretary to the Treasury and Economic Secretary to the Treasury.
Nathan Tiefenbrunchairman of Cboe Europe, said: “We are delighted to have Vikesh lead Cboe Clear Europe. He has a long and impressive reputation in the post-trade securities industry, both in Europe and globally. We are excited to be able to leverage his expertise to support Cboe Clear Europe’s strategic growth and further enhance its position as a leading pan-European clearing house. I would also like to express my gratitude Arnoud Siegmann for the period in which he served as interim president of Cboe Clear Europe, in addition to his ongoing role as chief operating officer.”
Vikesh Patel said: “I am honored to be appointed as the next Chairman of Cboe Clear Europe. Having been a client, partner and competitor of Cboe Clear Europe for many years, I am aware of the company’s strong reputation, particularly for its exceptional level of client service, innovation and risk management expertise. The company is at an exciting time in its development and I look forward to leading it into its next phase of growth.”
Cboe completed the acquisition of Cboe Clear Europe (formerly EuroCCP) in July 2020. Under Cboe’s ownership, the company has enhanced its position as the leading pan-European clearinghouse for cash equities, increasing volume in venues that enable fully interoperable clearing as well as those that have adopted preferred clearing. The preferred model is used in venues that do not support interoperable clearing and allows Cboe Clear Europe to clear trades provided both other parties have selected it as their preferred clearing provider. Cboe Clear Europe’s volume for this service was 47.7 million over the past 11 months November 30, 2022compared to 9.1 million in 2021. Cboe Clear Europe has also diversified its clearing of equity derivatives in support of Cboe Europe Derivatives (CEDX), Cboe’s pan-European derivatives exchange launched in September 2021.
Cboe Clear Europe operates as an independent subsidiary of the Cboe Group, maintaining a separate governance structure and management team. Additional information about the company and its services can be found here: clear.cboe.com/europe
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and exchange-traded products, delivers state-of-the-art trading, clearing and investment solutions to market participants worldwide. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products across multiple asset classes, including equities, derivatives, foreign exchange and digital assets, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com.
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Cautionary Statements Regarding Forward-Looking Information
Certain information contained in this press release may constitute forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made and are subject to numerous risks and uncertainties.
SOURCE Cboe Global Markets, Inc.
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