Cboe Global Markets & EuroCCP

Sole financial adviser to the Dutch Central Bank

Kempen & Co is pleased to announce its role in the acquisition of EuroCCP by Cboe Global Markets as sole financial adviser to the Dutch Central Bank.

Cboe Global Markets (“Cboe”), one of the world’s largest exchange holding companies, has acquired European Central Counterparty (“EuroCCP”), the leading pan-European equities clearing house, from the selling shareholders Euronext, Nasdaq, DTCC, and ABN AMRO.
The transaction was announced in December 2019 and has closed in July 2020 after a.o. the successful syndication of a committed liquidity facility of up to €1.5 billion and receipt of regulatory approvals
With the acquisition Cboe aims to bolster its growth strategy in Europe by enhancing its current equities business and pursue additional opportunities in equity derivatives trading and clearing in the region
Kempen & Co acted as sole financial adviser to the Dutch Central Bank (“DNB”) in the sale of EuroCCP and supported DNB with independent advice and thorough analyses
The transaction is further testament to Kempen & Co’s expertise at the cross-section of Financial Institutions and FinTech. Recently, the team also advised on a.o. the acquisition of VIVAT by NN Group & Athora, the sale and capital increase of TerraPay (global B2B payments infrastructure provider) and the Series C capital increase of dacadoo (global InsurTech & HealthTech company)

Headquartered in Chicago and publicly traded company with a market cap of ~$11 billion (July 2020)
Cboe Global Markets is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world
In March 2017, Cboe acquired Bats Global Markets for a consideration of ~$3.4 billion
The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (“ETPs”), global foreign exchange (“FX”) and volatility products based on the Cboe Volatility Index (“VIX Index”)

European Central Counterparty (“EuroCCP”) is a central counterparty. Central counterparties (“CCPs”) give protection to both parties in a trade, providing assurance to each party that the trade will settle at the agreed price in the event one party defaults on its obligations
EuroCCP clears trades for 37 trading venues, which represent close to 95 percent of Europe's equity landscape, making it the most connected equity central counterparty in the region. The company clears on average between four to five million trade sides daily, totalling €30 to €40 billion in value, and provides clearing members with easy access and the ability to maximize operational efficiency and netting opportunities while reducing risk and cost
Headquartered in Amsterdam, EuroCCP was formed in 2013 to provide safe and efficient equities clearing and settlement services throughout Europe