Cboe Clear Europe expands SFT clearing service
06 August 2026 Europe
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Cboe Clear Europe is set to extend its securities financing transactions (SFT) clearing service to cover fixed income lending from 24 August 2026, marking a milestone in its push to deliver central clearing benefits across the global securities lending market.
The service will cover specific EU, Swiss, and UK government and corporate bonds for all lenders and borrowers, and will extend to US Treasuries and US corporate bonds for non鈥慤S participants.
Settlement will take place via Euroclear Bank for European and Swiss instruments, CREST for UK instruments, the Federal Reserve for US Treasuries, and the Depository Trust Company for US corporate bonds.
Vikesh Patel, global head of clearing and president, Cboe Clear Europe, says: 鈥淲e've seen strong demand from the SFT industry seeking greater capital efficiency and lower risk-weighted asset exposures across their equity and ETF portfolios, and they are looking to extend those benefits globally and across asset classes.
鈥淚t demonstrates Cboe's continued investment in expanding its global clearing business to help unlock greater capital efficiencies for market participants.鈥�
The expansion builds on the 2025 launch of Cboe Clear Europe鈥檚 SFT clearing service, which initially covered European cash equities and ETFs across 19 European central securities depositories.
Since launch, the service has attracted principal lenders, agent lenders representing UCITS and non鈥慤CITS beneficial owners, and a broad set of borrowers, with daily notional outstanding around 鈧�9 billion and more than 1,000 settlements a day.
By shifting SFTs from bilateral to central clearing, the model offers balance sheet efficiencies while streamlining post鈥憈rade processes such as settlement, reporting, and onboarding.
Jan Treuren, Head of Product, Cboe Clear Europe, states: 鈥淧articipant appetite for a single, globally consistent clearing framework for securities lending continues to grow as demonstrated by increased utilisation rates for lenders.
鈥淏y bringing the capital efficiency, operational simplicity and risk management benefits we've delivered in European equities and ETFs to new asset classes, we're taking a major step toward building the leading securities lending clearing ecosystem.鈥�
Cboe Clear Europe provides clearing for European cash equities and SFTs, while Cboe Clear U.S. currently clears digital asset futures on Cboe Futures Exchange and plans to broaden its clearing remit across both established and emerging asset classes.
The service will cover specific EU, Swiss, and UK government and corporate bonds for all lenders and borrowers, and will extend to US Treasuries and US corporate bonds for non鈥慤S participants.
Settlement will take place via Euroclear Bank for European and Swiss instruments, CREST for UK instruments, the Federal Reserve for US Treasuries, and the Depository Trust Company for US corporate bonds.
Vikesh Patel, global head of clearing and president, Cboe Clear Europe, says: 鈥淲e've seen strong demand from the SFT industry seeking greater capital efficiency and lower risk-weighted asset exposures across their equity and ETF portfolios, and they are looking to extend those benefits globally and across asset classes.
鈥淚t demonstrates Cboe's continued investment in expanding its global clearing business to help unlock greater capital efficiencies for market participants.鈥�
The expansion builds on the 2025 launch of Cboe Clear Europe鈥檚 SFT clearing service, which initially covered European cash equities and ETFs across 19 European central securities depositories.
Since launch, the service has attracted principal lenders, agent lenders representing UCITS and non鈥慤CITS beneficial owners, and a broad set of borrowers, with daily notional outstanding around 鈧�9 billion and more than 1,000 settlements a day.
By shifting SFTs from bilateral to central clearing, the model offers balance sheet efficiencies while streamlining post鈥憈rade processes such as settlement, reporting, and onboarding.
Jan Treuren, Head of Product, Cboe Clear Europe, states: 鈥淧articipant appetite for a single, globally consistent clearing framework for securities lending continues to grow as demonstrated by increased utilisation rates for lenders.
鈥淏y bringing the capital efficiency, operational simplicity and risk management benefits we've delivered in European equities and ETFs to new asset classes, we're taking a major step toward building the leading securities lending clearing ecosystem.鈥�
Cboe Clear Europe provides clearing for European cash equities and SFTs, while Cboe Clear U.S. currently clears digital asset futures on Cboe Futures Exchange and plans to broaden its clearing remit across both established and emerging asset classes.
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