- Provisional EU and UK post-Brexit trade deal does not cover
the whole of the financial services sector, meaning new
restrictions on share trading will come into force from
4 January 2021
- Cboe is prepared for this scenario with venues operational in
the UK and the Netherlands,
allowing it to continue serving customers across the UK and EU
- Cboe's full suite of European equity trading services are
available in the UK and the
Netherlands
- Cboe is planning to re-introduce Swiss-listed securities on
its UK venue in early 2021, as soon as UK and Swiss mutual
recognition has been implemented
LONDON, Dec. 31, 2020 /PRNewswire/ -- Cboe Europe, a
pan-European stock exchange operator and a division of Cboe
Global Markets (Cboe: CBOE), can confirm it is prepared for new
restrictions on the trading of UK and EEA-listed securities, which
are set to take effect when the UK's Brexit transition period ends
on 31 December 2020.
Although the EU and the UK have provisionally agreed a trade
deal to take effect at the end of the UK's transition period, it
does not presently cover the whole of the financial services
sector. New restrictions on share trading will therefore come into
force when trading begins on 4 January
2021, preventing EU firms from accessing UK venues in
EEA-listed securities.
Cboe Europe is prepared for this scenario having enacted
its Brexit contingency plan in October
2019, when its Netherlands-based venue ('Cboe NL') went live
offering trading in EEA-listed securities. Participants
representing close to 100% of Cboe Europe's average daily trading
activity are already connected to Cboe NL and able to move their
activity in EEA-listed securities onto this venue as they wish.
Cboe NL has also UK Registered Overseas Investment Exchange status,
allowing it to be accessed by UK participants post-Brexit.
Cboe continues to operate its existing exchange in the UK ('Cboe
UK'), offering trading in UK and EEA-listed securities. Cboe is
planning to re-introduce Swiss-listed securities on its UK venue in
early 2021, once the UK and Swiss governments have taken the
necessary steps to recognise one another's regimes as equivalent to
allow for the removal of the current prohibition of trading Swiss
shares on UK venues.
David Howson, President of Cboe
Europe, said: "We have been prepared for this political outcome for
some time, having had our Netherlands-based venue operational since
October 2019. We are well-positioned
to continue to service our customers across Europe post-Brexit, helping to ensure the
principles of competition, choice and innovation remain alive in
European equity markets."
Cboe is operating the same equity trading services at both
its UK and Netherlands venues,
including lit and dark order books, Cboe Europe Periodic Auctions,
Cboe Closing Cross (3C) and Cboe LIS.
Cboe NL is also expected to be home to Cboe Europe Derivatives,
a new derivatives exchange expected to go live in the first half of
2021, subject to regulatory approval, offering trading in futures
and options based on six key European equity indices.
Additional information regarding Cboe's Brexit plans is
available on the company's Brexit Microsite.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading
and investment solutions to market participants around the world.
The company is committed to defining markets through product
innovation, leading edge technology and seamless trading
solutions.
The company offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S., Canadian and European equities, exchange-traded products
(ETPs), global foreign exchange (FX) and volatility products based
on the Cboe Volatility Index (VIX Index), recognized as the world's
premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe, and owns EuroCCP, a
leading pan-European equities clearing house. Cboe also is a
leading market globally for ETP listings and
trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
Media
Contacts
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|
Analyst
Contact
|
|
|
|
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Tim
Cave
+44 (0)
7593-506-719
tcave@cboe.com
|
Angela
Tu
+1-646-856-8734
atu@cboe.com
|
|
Debbie
Koopman
+1-312-786-7136
koopman@cboe.com
|
CBOE-C
CBOE-E
CBOE-OE
Cboe® and Cboe Global Markets® are registered trademarks of
Cboe Exchange, Inc.
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 speak
only as of the date made and are subject to a number of risks and
uncertainties.
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