Fintech PR
Cboe Europe Derivatives Secures Support of Key Participants for Single Stock Options Launch
AMSTERDAM and LONDON, Oct. 18, 2023 /PRNewswire/ — Cboe Global Markets Inc. (Cboe: CBOE) today announced it has secured commitment from of a broad range of participants to support the launch of single stock options on Cboe Europe Derivatives (CEDX), Cboe Europe B.V.’s pan-European equity derivatives exchange. CEDX expects to begin offering equity options from 6 November and plans to broaden its universe of available products by the end of Q1 2024, subject to regulatory approvals.
Firms that have committed to supporting CEDX’s expansion into equity options include existing participants ABN AMRO Clearing, All Options, Barak Market Making B.V, Goldman Sachs, Morgan Stanley and Susquehanna International Securities. In addition, Interactive Brokers has also committed to connecting to CEDX to provide its clients with access to the suite of pan-European equity derivatives offered by the exchange, including single stock products. Interactive Brokers will become a direct trading participant on CEDX and a direct clearing participant for equity derivatives on Cboe Clear Europe N.V., Cboe’s leading pan-European clearing house.
Iouri Saroukhanov, Head of European Derivatives, Cboe Europe, said: “We are delighted to have secured the support of such a strong group of participants to support the launch of single stock options on CEDX. Their support demonstrates the need for a more efficient options marketplace in Europe as envisioned by CEDX, which is designed from a pan-European point-of-view, increases competition and lowers barriers to entry for institutional and retail investors. CEDX will offer first class levels of efficiencies to options participants from a trading and clearing perspective, including margin efficiencies and domestic stock settlement on options exercise, to help grow options markets in Europe.”
Milan Galik, Chief Executive Officer at Interactive Brokers, said: “We’re thrilled to incorporate access to CEDX, which aligns with our dedication to offering clients an extensive range of global investment products. We applaud Cboe’s roll-out of European equity derivatives and believe this move will stimulate more market activity, enriching the portfolio of investment opportunities for our clients.”
Joe Nehorai, Co-Head, Global Listed Derivatives at Goldman Sachs, said: “We are delighted to expand our partnership with CEDX and support its single stock options launch, which aligns with our desire to help grow European options markets for our clients.”
Conor McCann, European Head of Derivative Sales at Susquehanna International Securities Limited, said: “As a global trader of listed options, we are supportive of any initiative that helps to advance these markets, particularly in Europe where there is room to develop the market to meet the needs of the retail user. We are excited to become a liquidity provider in CEDX’s equity options given the unique value proposition on offer, confidence in our ability to quote competitive prices and belief that there is genuine end-user demand for these products.”
Jerome Bedouet, Head of Derivatives Distribution EMEA at Morgan Stanley, said: “We look forward to partnering with CEDX on their expansion into equity options allowing our clients the benefit of greater liquidity and more choice.”
CEDX launched in September 2021, initially offering trading in futures and options based on key Cboe Europe single country and pan-European indices, with clearing provided by Cboe Clear Europe. N.V. The exchange has been designed to promote on-screen liquidity and offers a single access point to pan-European equity derivatives products, creating significant operational and capital efficiencies to participants.
CEDX expects to make single stock products available for trading from 6 November 2023, when it will offer options on 133 companies from 12 European countries (Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK). These products amount to 70% of current ADV and open interest for the top 600 European equity options. CEDX plans to broaden the available universe of underlying stocks in Q1 2024, subject to regulatory approvals, and plans to commence its Liquidity Provider Programme for all equity options after the March 2024 expiry period, aligning with readiness from a broad range of participants to trade these products.
Single stock options traded on CEDX will be cleared by Cboe Clear Europe N.V., which will permit the use of underlying stocks as collateral to provide offsets against matched equity option positions, delivering a potential initial margin reduction for a covered call position of around 70%, according to initial estimates by Cboe Clear Europe B.V. Furthermore, stock settlement (on options exercise and assignment) will take place in domestic Central Securities Depositories (CSDs), removing unnecessary costs and allowing for settlement netting with relevant cash equities transactions.
Additional information about CEDX’s single stock products is available here.
About Cboe Global Markets Inc.
Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, 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 speak only as of the date made and are subject to a number of risks and uncertainties.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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