Cboe Global Markets

Cboe Europe Equities Clearing and Settlement

Cboe Europe Equities (Cboe) offers a user-driven post trade model for a more efficient European capital market. Trading Participants benefit from pre- and post-trade anonymity, real-time risk management, netting and fungibility at the domestic Central Securities Depository (CSD).

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.

Since launch, all trades on Cboe have been novated and guaranteed by European Multilateral Clearing Facility N.V (now European Central Counterparty NV (ECCP NV)) and settled at the domestic CSD. Since January 2012, Cboe has enabled Participants to choose a CCP per market segment by also offering a process known as interoperable clearing. This allows Participants to choose from three CCPs to clear their trades:

  • EuroCCP NV
  • LCH.Clearnet 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.

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.

Venue Operator MIC Primary Sub-MIC Dark Book Sub-MIC Off-Book Sub-MIC Cboe LIS Sub-MIC Periodic Auction Sub-MIC Off-Exchange Sub-MIC
Table 1: MIC Codes
Cboe BXE UK BCXE BATE BATD BATF BATP
Cboe CXE UK BCXE CHIX CHID CHIO LISX
Cboe DXE NL CCXE CEUX CEUD CEUO LISZ BEUP
Regulated Market UK BCRM BART BARK BARO
NL CCRM BEUT BARU BEUO
Off-Exchange UK BCXE BOTC
NL CCXE CAPA

Trade System of Origin and BIC Codes

Market Primary MIC Code Trade System of Origin (TSO)
*Used for UK and Irish settlements only.
Cboe BXE BATE B*
Chi-X CXE CHIX B*