Cboe appoints Vikesh Patel as president of Cboe Clear Europe | Popgen Tech
AMSTERDAM and LONDON, December 21, 2022 /PRNewswire/ — Cboe Global Markets Inc . (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced the appointment of 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 Cécile 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 SWIFT, where he was most recently Head of Securities with responsibility for leading its security strategy globally. Before joining SWIFT in 2017, Mr. Patel a chief operating officer at LCH, who focused on strategy, risk management and the development of new products for the clearing organization’s EquityClear and RepoClear businesses. Mr. Patel also served in global executive roles 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 a Private Secretary to both the Financial Secretary to the Treasury and Economic Secretary to the Treasury.
Nathan TiefenbrunPresident, Cboe Europe, said: “We are delighted to have Vikesh at the helm of Cboe Clear Europe. He has a long and impressive track record in the securities post-trade industry, both in Europe and worldwide. 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 said: “I am honored to be appointed as the next president of Cboe Clear Europe. Having been a customer, 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 has completed its acquisition of Cboe Clear Europe (formerly EuroCCP). July 2020. Under Cboe’s ownership, the company has strengthened its position as the leading pan-European cash share clearing business, increasing its volumes in venues 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 30 November 2022compared to 9.1 million in 2021. Cboe Clear Europe has also diversified into the clearing of equity derivatives in support of Cboe Europe Derivatives (CEDX), Cboe’s pan-European derivatives exchange operating in September 2021.
Cboe Clear Europe operates as an independent subsidiary of the Cboe Group and maintains a separate management structure and management team. Further 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 tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. 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, FX and digital assets, across North America, Europe and Asian Pacific Ocean. 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. We caution readers not to place undue reliance on any forward-looking statements, which are made only as of the date and are subject to a number of risks and uncertainties.
SOURCE Cboe Global Markets, Inc.