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Cboe Clear Europe Secures Regulatory Approval to Launch Securities Financing Transactions Clearing
AMSTERDAM and LONDON, Nov. 25, 2024 /PRNewswire/ — Cboe Clear Europe, a leading pan-European clearing house, today announced that it has received regulatory approval to clear European Securities Financing Transactions (SFTs). This was granted by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM).
With this approval, Cboe Clear Europe is set to introduce a first-of-its-kind service for European SFT transactions in cash equities and ETFs, which includes central clearing, settlement and post-trade lifecycle management. It is available to principal lenders, special participant lenders (UCITS and non-UCITS) and borrowers, with settlements conducted across 19 European Central Securities Depositories (CSDs).
The service supports key regulatory initiatives such as the European Market Infrastructure Regulation (EMIR), Central Securities Depositary Regime (CSDR) and the Securities Financing Transactions Regulation (SFTR), thereby promoting transparency, market integrity and the competitiveness of European capital markets.
“We are delighted to have received regulatory approval to expand into European SFT clearing, marking a significant milestone in our goal to introduce innovative, robust, and comprehensive clearing solutions across multiple asset classes in Europe,” said Vikesh Patel, President of Cboe Clear Europe. “This achievement underscores our dedication to supporting our clients’ evolving needs and contributing to the resilience of financial markets. We greatly appreciate the support of our regulators as we deliver on our commitment to launch innovative services which we believe enhance efficiencies for European market participants and help foster the growth of the region’s capital markets.”
This service will help to transform the current bilateral process between securities lenders and borrowers into a centrally cleared model, with Cboe Clear Europe acting as the counterparty to both sides of each transaction. We believe this enables participants to reduce their risk-weighted asset exposures associated with SFTs and supports the growth of this key market. Additionally, it is expected to bring various capital and operational advantages, including savings from cross-margining between cash equities and SFTs, greater settlement efficiencies, elimination of agent lender disclosures, and improved practices around fees management and corporate actions.
The service will utilise The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents, while Pirum will serve as the transmitter of new trade instructions and post-trade lifecycle events on behalf of clients.
Jan Treuren, Senior Director, Product, Cboe Clear Europe, said: “We are excited to build out this new clearing eco-system in collaboration with market participants and are already in advanced discussions with a wide variety of firms, including banks, asset managers, broker-dealers, and Agent Lenders – representing beneficial owners like pension funds and UCITS – to help ensure a smooth launch in the coming weeks and months. This service is supported by our best-in-class risk management framework, offering clients the advantage of Cboe Clear Europe’s extensive settlement experience and broad direct connectivity to 19 European CSDs. Initially, the service will cover key European markets, with plans to expand the offering based on client demand and market developments.”
As a leading pan-European cash equities clearing house, Cboe Clear Europe currently provides its services for 47 trading venues, achieving a record cash equity market share of 37.2%* in Q3 2024. The company enables Clearing Participants to manage their counterparty credit risk and also to maximise operational efficiencies through automated processing and the provision of netting opportunities. It diversified into equity derivatives clearing in 2021 to support the launch of Cboe Europe Derivatives (CEDX), Cboe’s pan-European equity derivatives exchange, which includes equity index and single stock derivatives.
Further information on the company and its services can be found here: clear.cboe.com/europe
*Source: Cboe Clear Europe estimates
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 and FX, 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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Cboe®, Cboe Clear®, and Cboe Global Markets® are registered trademarks of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures, digital assets or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with BNY, JP Morgan, and Pirum. Investors should undertake their own due diligence regarding their securities, futures, digital assets, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.
Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities, futures, or digital assets in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.
Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and risks relating to digital assets, including winding down the Cboe Digital spot market and transitioning digital asset futures contracts to CFE, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
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The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.
Quantum: A Double-Edged Sword for Finance
Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.
The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.
A Collaborative Framework: Four Guiding Principles
To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:
- Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
- Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
- Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
- Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.
These principles aim to create a unified, forward-looking strategy that balances innovation with security.
A Four-Phase Roadmap for Quantum Security
The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:
- Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
- Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
- Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
- Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.
This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.
The Path Forward: Collaboration as a Catalyst
The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.
Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”
Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”
Global Impact: Ensuring Resilience in an Evolving Landscape
As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.
The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.
The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.
Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.
The post Quantum Security and the Financial Sector: Paving the Way for a Resilient Future appeared first on News, Events, Advertising Options.
Dubai expo spices up regional organic products industry
DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — The 22nd Middle East Organic and Natural Product Expo 2024, which concluded in Dubai on Wednesday (Nov 20), succeeded in registering tremendous growth in terms of exhibitor as well as visitor numbers.
The expo featured more than 550 exhibitors, an 80% surge from the past year, and attracted 15,200 trade visitors, a 25% rise when compared to the past show, strengthening its position as the region’s biggest and most comprehensive organic and natural products event.
“We are thrilled to announce the successful conclusion of the 22nd Middle East Organic and Natural Product Expo 2024. This year’s event witnessed a remarkable growth in both the number of exhibitors and visitors, reflecting the increasing interest and commitment towards organic living. The Expo has delivered on its promise, providing exceptional value to all stakeholders involved. We extend our heartfelt gratitude to all participants, partners, and visitors for their unwavering support and contribution to making this event a tremendous success. Together, we are fostering a healthier, more sustainable future,” said Shinu Pillai, Exhibition Director of the Middle East Organic and Natural Products Expo.
From lively exhibitor stands to informative conference sessions and several special sessions such as Organic Super Kitchen, Beauty Corner, Yoga Extravaganza, a special pavilion for tea and coffee, Fresh Produce Pavilion, and Superfoods Pavilions, the Expo offered a comprehensive platform for visitors to explore everything natural and organic, spanning food and drink, living, health, nutrition, beauty & cosmetics and beyond.
The Sri Lanka Export Development Board, which successfully organised the Sri Lankan Pavilion at the Expo, received enthusiastic response. “Given the rising global demand for natural and organic products, our participation in the Expo was incredibly timely. We received an overwhelmingly positive response at the Expo so much so that we are already planning our participation in the next edition of the Expo,” said Ms Vinoka Perera, Assistant Director, National Organic Control Unit, Sri Lanka Export Development Board.
The Expo also witnessed the global debut of Malaysia External Trade Development Corporation’s (MATRADE) Malaysia International Halal Showcase, titled MIHAS@Dubai. “With its very first edition, MIHAS@Dubai provided us with direct access to the thriving Halal and organics industry in the region. Our collaboration with Middle East Organic and Natural Product Expo helped us further expand our reach and impact,” said Datuk Seri Reezal Merican Naina Merican, Chairman, MATRADE.
“We are excited about the new opportunities arising from our collaboration with the Middle East Organic and Natural Product Expo. MIHAS debut in Dubai within the expo allowed us to enhance our presence in the region,” said Datuk Mohd Mustafa Abdul Aziz, CEO, MATRADE.
“The inclusion of the world’s largest Halal fair added a new and exciting dimension to the Expo, enriching the experience for all attendees. This collaboration underscored our commitment to promoting sustainable and ethical practices in the organic and Halal industries,” said P Ravi, Director, Global Links Exhibition Organizers & Conferences, which organizes the organics expo.
Some of the first-time participants were in awe of the Expo. “The event was a remarkable experience for us, especially as it marked our first participation in an international fair. We received a significant number of enquiries, which exceeded our expectations and opened up new business opportunities for us,” said Patnaree Royruangpanich, Co-Founder & CMO, S&P Bioenergy Co., Ltd, Thailand.
The Agricultural and Processed Food Products Export Development Authority (APEDA), the nodal agency for the promotion of agricultural and processed food products exports from India, showcased India’s inherent advantage and strength in natural and organic products as part of the Indian Pavilion at the Expo. “We successfully organized a buyer-seller meeting during the event, which was instrumental in bringing buyers and sellers together,” said Ms Vinita Sudhanshu, General Manager, APEDA.
The participation by Uganda was aimed at exploring opportunities for Ugandan agricultural producers and distributors. “Uganda’s organic sector has tremendous potential for growth, and the Middle East Organic and Natural Products Expo became a vital platform for promoting Ugandan organic products,” said Hon. Lt. Col (Rtd) Bright Rwamirama, Ugandan Minister of State for Animal Industry.
Following the grand success of the 22nd edition, the 23rd Middle East Organic and Natural Products Expo 2025 is all set to be held from November 17 to 19 at Dubai World Trade Centre.
More information available at https://organicandnatural.com/
Contact: Jennie Robin
Phone: +971 4 8747 528
Email: [email protected]
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Partnership Enhances Security for XAUm, Matrixdock’s Gold-Backed Digital Asset, with a Focus on Key Asian Financial Hubs
SINGAPORE, Nov. 25, 2024 /PRNewswire/ — Matrixdock, a leading platform for tokenized real-world assets (RWA), is pleased to announce a strategic partnership with Brink’s, a global leader in secure logistics and asset protection. This partnership ensures the secure transportation and vaulting of LBMA-certified gold, which underpins Matrixdock’s recently launched XAUm token, with a focus on vaults located in Singapore and Hong Kong, two of Asia’s premier financial hubs.
XAUm, an ERC-20 token fully backed by physical gold, offers investors a trusted and transparent digital asset tied to London Bullion Market Association (LBMA) accredited gold. The partnership with Brink’s guarantees that the gold reserves backing XAUm are securely held in high-security, fully insured vaults in Singapore and Hong Kong, enhancing the credibility and security of the token for investors across the globe, particularly in the Asia-Pacific region.
“Brink’s reputation for excellence in secure logistics, combined with the strategic location of vaults in Singapore and Hong Kong, provides unparalleled security and confidence for our XAUm investors,” said Eva Meng, Head of Matrixdock. “This partnership underscores our commitment to maintaining the highest standards of trust and transparency for our tokenized real-world assets.”
Zac McKenna, Head of Digital Assets at Brink’s, emphasized the importance of secure custody solutions in the growing RWA tokenization space: “At Brink’s, we are proud to support the tokenization of real-world assets by providing the secure infrastructure that makes these digital products credible and reliable. Our collaboration with Matrixdock enables us to bring our extensive expertise in secure logistics to the forefront of the blockchain ecosystem.”
Brink’s, with its extensive experience in secure asset management and its well-established presence in Asia, will ensure that the LBMA gold backing XAUm is safely transported, stored, and protected in its world-class vaults. Ben Van Kerkwijk, Vice President of Brink’s Global Services – Asia Pacific, added: “Our premier vaulting facilities in Singapore and Hong Kong are trusted by top-tier clients around the world. We are pleased to provide the same world-class protection for the physical gold that backs Matrixdock’s XAUm token, further enhancing the security and trust for investors in the region.”
This partnership allows Matrixdock to offer a robust gold-backed digital asset that aligns with the security and regulatory requirements of global investors.
XAUm provides investors with seamless access to the value of physical gold while benefiting from the efficiency, liquidity, and transparency of blockchain technology. By focusing on secure vaulting in Singapore and Hong Kong, Matrixdock strengthens its offering in the growing Asian market for tokenized assets.
For more information, please visit www.matrixdock.com.
About Matrixdock
Founded in February 2023 by Matrixport, Matrixdock is a premier platform that offers access to high-quality Real World Assets (RWA) through advanced tokenization technology. As the first in Asia to introduce a tokenized short-term treasury bill product, STBT, Matrixdock has rapidly emerged as an industry leader, earning the Ecosystem Excellence TADS Award in 2023 for Trading & Liquidity Solutions.
Matrixdock is dedicated to becoming the gateway for clients seeking top-tier RWA investments. With a steadfast focus on building a trusted and secure RWA ecosystem for crypto, Matrixdock provides diversified investment opportunities while setting new standards for trust and governance in the digital asset space.
About Brink’s
The Brink’s Company (NYSE:BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations. Our network of operations in 52 countries serves customers in more than 100 countries.
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