Cboe Clear Europe

What Cboe Clear Europe does

Cboe Clear Europe N.V. is a pan-European Central Counterparty (CCP) headquartered in Amsterdam, Netherlands, providing clearing and settlement services for cash equities, depositary receipts, ETFs, equity derivatives, and Securities Financing Transactions across 19 European markets. The platform connects 52 trading venues and segments with direct connectivity to 15 national Central Securities Depositories via Target2-Securities (T2S), enabling cross-platform netting and cross-product margining. Core technical components include a Filtered Historical Simulation (FHS) Expected Shortfall margin model with anti-procyclicality measures, a Preferred Clearing model providing access to approximately 95% of European equities trading activity, and a first-of-its-kind SFT clearing service for European stock lending and borrowing. The company is regulated under EMIR by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM), with additional recognition in the UK and Switzerland, and operates an ISO 22301-certified business continuity framework.

The business operates a multi-tier membership model comprising 18 General Clearing Members (GCMs) and 31 Direct Clearing Members (DCMs), supported by trading participant access via GCMs. Revenue is generated through annual membership fees (€36,000), transaction-based clearing fees (over 75% lower than primary CCPs on preferred clearing venues), and interest compensation on cash collateral. Mandatory Clearing Fund deposits of €1M (DCMs) and €3M (GCMs) provide default fund capacity rather than revenue. Distribution occurs exclusively through direct enterprise sales and a dedicated Relationship Management team covering the UK, Southern Europe, and EU/EEA, with a minimum six-week onboarding cycle. The company is wholly owned by Cboe Global Markets following Cboe Worldwide Holdings Limited's acquisition in July 2020, and was originally formed in December 2013 through the merger of European Multilateral Clearing Facility N.V. (EMCF) and European Central Counterparty Limited (ECCP Limited).

Name

Cboe Clear Europe

Legal name

Cboe Clear Europe N.V.

Website

https://clear.cboe.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

Cboe Clear Europe N.V. is a pan-European Central Counterparty (CCP), headquartered in Amsterdam and wholly owned by Cboe Global Markets, providing clearing and settlement for cash equities, ETFs, equity derivatives, and Securities Financing Transactions across 19 European markets, 52 venues, and 9,000+ securities.

Ownership category

akta.pro rank

Product category

Central Counterparty Clearing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Clearing Houses / Central Counterparties (CCPs) (FSACAHAC)

akta.pro secondary industries

Clearing & Settlement for Equities (Prime Broker Clearing Services) (FSACAFAL), Clearing & Settlement for SFTs (CCP/Agent Clearing) (FSACAIAG), Clearing & Settlement Operations (Post-Trade) (FSACALAC)

Keywords

• Central counterparty clearing
• Post-trade clearing services
• Securities clearing infrastructure
• Equities clearing services
• SFT clearing services

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Annual Membership Fees: Annual membership fee of €36,000 for Cboe Clear Europe's services on Equities. This single fee provides access to 19 markets across 53 venues and segments.
2. Clearing Fund Contributions: Mandatory contributions to Cboe Clear Europe's Clearing Fund from all clearing members. Base deposits of €1,000,000 for Direct Clearing Members and €3,000,000 for General Clearing Members as laid out within the Clearing Rule Book.
3. Transaction Clearing Fees: Clearing fees charged per transaction on cleared trades. Fees charged on Preferred Clearing venues are over 75% less than the primary CCP. Volume is rewarded through scale with European tariff structure.
4. Interest Compensation on Cash Collateral: Credit interest paid over value-dated balances held in Cash Collateral Accounts, calculated on Actual/365 basis. Includes cost of collateral charges when resulting interest is negative. Also charges for Clearing Fund Collateral and Interoperability Fund Collateral.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cboe Clear Europe provides central counterparty (CCP) clearing and settlement services for cash equities, ETFs, depositary receipts, securities financing transactions (SFTs), and equity derivatives across 52 European trading venues. The company acts as intermediary between trading counterparties, guaranteeing trade settlement and managing counterparty risk through proprietary margin models and a clearing fund structure for its General Clearing Members (GCMs) and Direct Clearing Members (DCMs).

Product overview

Cboe Clear Europe is a leading pan-European Central Counterparty (CCP) providing a multi-asset clearing and settlement platform. The core offering consists of cash equities clearing for over 9,000 securities across 19 European markets, equity derivatives clearing (launched 2021), and Securities Financing Transactions (SFT) clearing (first-of-its-kind in Europe). The platform operates multiple clearing models including interoperable clearing (connecting multiple CCPs), preferred clearing (only CCP with preferred clearing access on regulated markets), and sole CCP clearing. Key services include cross-product netting, cross-product margining, and direct connectivity to 15 national CSDs including T2S. The company also provides a risk management platform using FHS/ES margin methodology. Cboe Clear Europe serves 52 venues and segments, enabling clearing members to manage counterparty credit risk and maximize operational efficiencies through automated processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Cash Equities Clearing Central counterparty clearing and settlement service for cash equities, ETFs, and depositary receipts across 52 European trading venues, providing netting and risk management for General Clearing Members and Direct Clearing Members.
• Securities Financing Transactions (SFT) Clearing First-of-its-kind pan-European CCP clearing service for securities financing transactions, transforming bilateral SFTs into cleared transactions to reduce counterparty risk and capital burdens for clearing members.
• Equity Derivatives Clearing Central counterparty clearing service for European equity derivatives, extending Cboe Clear Europe's multi-asset clearing capabilities to the derivatives segment.
• Preferred Clearing Preferred CCP clearing model providing members with access to regulated markets including Euronext and Deutsche Börse cash equities at fee levels materially below primary CCP pricing.
• Interoperable Clearing Interoperable clearing model connecting multiple CCPs to enable members to access European cash equity markets through a single Cboe Clear Europe membership.
• Risk Management Platform Dedicated risk management platform delivering the proprietary FHS Expected Shortfall margin model with anti-procyclicality measures, daily and intraday margin reporting, and capital efficiency analysis for clearing members.

Quantifiable outcome

• 73.4 million preferred clearing trades on Euronext in 2025
• +3 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• ClearstreamcoreTechnology or Integration · 20 January 2022Clearstream and EuroCCP launched a pan-European post-trade connection connecting EuroCCP to Clearstream's Investor CSD solution. This allows exchange-traded equity and ETF transactions cleared via EuroCCP to settle in Clearstream Banking SA. Additionally, Cboe Clear Europe holds Interoperability Fund Collateral with Clearstream Banking Luxembourg.
• European Securities Financing Transactions ParticipantscoreStrategic or Co-development PartnerCboe Clear Europe has secured support from a broad range of key market participants including banks, clearing firms, asset managers and custodians for its SFT clearing service. These participants are working with Cboe Clear Europe to transform the bilateral SFT market into a cleared model.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Nasdaq Clearing: Nasdaq Clearing is the CCP of Nasdaq Nordic, providing clearing services for equities, derivatives and fixed income across the Nordic markets (Copenhagen, Helsinki, Iceland, Stockholm). It is a direct competitor in pan-Nordic equity clearing and competes for clearing member relationships in the same regions Cboe Clear Europe serves.
• ICE Clear Europe: ICE Clear Europe is Intercontinental Exchange's European CCP, primarily clearing energy, agricultural and credit derivatives, plus ICE futures and European equity derivatives. While its primary focus is commodities and credit, it competes for European equity derivatives clearing flow and serves many of the same institutional clearing members.
• LCH (LSEG): LCH is the largest European multi-asset CCP, part of London Stock Exchange Group, clearing equities (EquityClear), swaps (SwapClear), repos (RepoClear) and listed derivatives. It is Cboe Clear Europe's most direct competitor in European cash equities clearing and provides comparable post-trade services to clearing members and trading venues.
• Eurex Clearing: Eurex Clearing is Deutsche Börse's central counterparty, one of the largest European CCPs for listed derivatives and repo markets, and a direct competitor in European clearing services. It serves many of the same clearing members and competes for cash equity and ETF clearing flow on venues like Deutsche Börse.
• Euronext Clearing: Euronext Clearing is the in-house CCP of Euronext, providing clearing services for Euronext's cash equity, equity derivatives, fixed income, and commodity markets across Europe. It is both a competitor and a venue owner with which Cboe Clear Europe partners for preferred clearing on Euronext markets.
• SIX x-clear: SIX x-clear is the Swiss CCP and a leading European clearing house for equities, ETFs and other securities, providing CCP services to multiple trading venues across Europe. It competes directly with Cboe Clear Europe for clearing volumes from venues such as the SIX Swiss Exchange and other connected platforms.
• BME Clearing: BME Clearing (part of SIX Group) is the Spanish CCP providing clearing services for equities, derivatives, and fixed income on Spanish exchanges. It serves as the primary CCP for the Spanish market and is a direct competitor within the European post-trade landscape, particularly for Iberian equities clearing.

Broad incumbents

• Euroclear: Euroclear is one of the world's largest International Central Securities Depositories (ICSDs), providing settlement and custody services for cross-border securities transactions. While a CSD rather than a CCP, Euroclear is integral to the European post-trade ecosystem in which Cboe Clear Europe operates, with direct integration across multiple Euroclear entities.
• DTCC: DTCC is the largest US-based post-trade market infrastructure provider, operating clearing houses (FICC, NSCC, ICC) and the DTCC Trade Information Warehouse. While primarily US-focused, it offers comparable central counterparty and trade repository services globally and is an adjacent incumbent in CCP market infrastructure.

Regional players

• KDPW_CCP: KDPW_CCP is the Polish central counterparty providing clearing services for Polish exchange-traded equities, derivatives, and repo transactions. While regional rather than pan-European, it provides comparable CCP infrastructure to clearing members and competes in the same European market geography for cross-border clearing mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cboecleareurope

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cboe Clear Europe