Cboe appoints Vikesh Patel as president of Cboe Clear Europe | Popgen Tech

Cboe Global Markets Inc. appointed Vikesh Patel as President of Cboe Clear Europe, one of the most, if not the most connected CCP in Europe, providing clearing services to 47 trading venues.

Cboe Clear Europe is approved to clear cash stocks, certificates of deposit, ETFs and equity derivatives (index futures and options).

Previous career includes SWIFT, LCH, Goldman Sachs, Morgan Stanley, UK Treasury

Vikesh Patel joins Cboe Clear Europe after fifteen years of experience in financial market infrastructure, most recently at SWIFT, where he was Head of Securities with responsibility for leading its securities strategy globally.

Before joining SWIFT in 2017, Vikesh Patel was a COO at LCH, focusing on strategy, risk management and the development of new products for the clearing organisation’s EquityClear and RepoClear businesses.

Previous global executive roles include 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 a Private Secretary to both the Financial Secretary to the Treasury and Economic Secretary to the Treasury.

Natan Tiefenbrun, President, Cboe Europe, said: “We are delighted to have Vikesh to lead Cboe Clear Europe. He has a long and impressive track record in the securities post-trade industry, both in Europe and globally. We are excited to leverage his expertise to support Cboe Clear Europe’s strategic growth and further strengthen its position as the leading pan-European clearing house. I would also like to express my gratitude to Arnoud Siegmann for the period in which he served as Cboe Clear Europe’s interim president, in addition to his ongoing role as chief operating officer.”

Vikesh Patel, President of Cboe Clear Europe, said: “I am honored to be appointed as the next President of Cboe Clear Europe. Having been a client, partner and competitor of Cboe Clear Europe over many years, I am well aware of the company’s strong reputation, particularly for its outstanding levels of customer 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 Clear Europe, formerly EuroCCP

Cboe completed its acquisition of Cboe Clear Europe (formerly EuroCCP) in July 2020. The company has since strengthened its position as the leading pan-European cash stock clearing business, increasing its volumes in locations that enable fully interoperable clearing, as well as those that have adopted preferential clearing.

The preferred model is used in locations that do not support interoperable clearing and allows Cboe Clear Europe to clear a transaction provided both counterparties have selected it as their preferred clearing provider.

Cboe Clear Europe’s volumes for this service were 47.7 million in the 11 months ended November 30, 2022, compared to 9.1 million in 2021.

Cboe Clear Europe has also diversified into clearing equity derivatives in support of Cboe Europe Derivatives (CEDX), Cboe’s pan-European derivatives exchange launched in September 2021.