Clearing and Settlement

Cboe Europe Equities (Cboe) offers full clearing interoperability, offering Participants true "user choice" in selecting their Central Counterparty (CCP).

Trading Participants are able to manage counterparty risk and cost by using a Central Counterparty (CCP) as buyer to every seller and seller to every buyer.

Cboe allows Participants to choose a CCP per market segment through a process known as interoperable clearing. This allows Participants to choose from three CCPs to clear their trades:

• Cboe Clear Europe NV
• LCH Ltd
• SIX x-clear AG

Post-Trade Model

• Every Trading Participant requires a Clearing Participant (GCM equivalent) to guarantee trades / credit risk.
• Every Clearing Participant is required to execute a Clearing Service Agreement with a CCP per market.
• Every Clearing Participant requires a Settlement Agent at the domestic CSD.
• The Cboe market model is designed so that Participants can trade, clear and settle European stocks with minimum disruption and full fungibility in the domestic CSD.

ISO Market Identifier Codes

Cboe Europe Equities (Cboe) use a number of market-standard codes to identify themselves and the markets they operate, which are detailed in the tables below.

ISO SWIFT MIC Codes

In line with the ISO standards on Market Identifier Codes (MICs), Cboe is identified through the following Operator code of BCXE, with the BXE and CXE markets identified through BATE and CHIX sub-MIC codes. Cboe has also been allocated additional sub-MIC codes should Participants wish to further categorise trade executions. For further information please visit ISO's Market Identifier Codes page.

Table 1: MIC Codes