Cboe Europe, the pan-European exchange operator and subsidiary of Cboe Global Markets, has received the necessary regulatory approvals to launch Cboe Europe Derivatives, a new Amsterdam-based futures and options market, on 6 September 2021.
The exchange confirmed in April that it was onboarding participant banks to support the new exchange including ABN Amro Clearing, Goldman Sachs and Morgan Stanley.
The move will inject further competition into the marketplace dominated by players such as Deutsche Börse and Euronext.
The futures and options market will be based on six Cboe Europe indices- Cboe Eurozone 50, Cboe UK 100, Cboe Netherlands 25, Cboe Switzerland 20, Cboe Germany 30, and Cboe France 40 – all calculated using Cboe market data.
The exchange plans to add other European benchmarks, along with single stock options, at a later date, based on customer demand and subject to regulatory approval.
Cboe is already one of the largest pan-European share trading platforms, with the bulk of trading in European Union companies moving from London to Amsterdam after Brexit.
“The regulatory approval for a competitive and pan-European marketplace for equity derivatives is expected to accelerate the momentum we are seeing from market participants for an efficient market designed to address their needs,” said Ade Cordell, president of Cboe NL.
He added, “The launch of this exchange is a critical step in realizing Cboe’s overarching vision to build one of the world’s largest derivatives and securities networks, creating a consistent, world-class experience for our global customer base.”
EuroCCP will provide clearing services for the platform. “This marks a watershed moment in EuroCCP’s growth strategy, as it diversifies beyond cash equities and becomes a truly multi-asset class clearing house,” said Cécile Nagel, president of EuroCCP. “We look forward to supporting Cboe Europe Derivatives in helping to bring efficiencies and cost savings to participants in Europe’s equity derivatives market, particularly through portfolio margining.”
©Markets Media Europe 2021