Cboe Clear Europe Adds U.S. Equities to Securities Lending Clearing

Cboe Global Markets (C67.DE ), Inc. announced on October 7, 2026 that Cboe Clear Europe N.V., its pan-European clearing house, will expand its Securities Financing Transactions (SFT) clearing service from mid-October 2026 to include U.S. equities eligible for securities lending. The service will initially support the clearing of SFTs for U.S. equities in the Russell 3000 Index and the top 500 U.S.-listed ETFs, covering more than 3,500 U.S. equities and ETFs in total.

Cboe said it plans to broaden coverage over time to its full U.S. equities trading universe of around 12,000 symbols. The company characterized the expanded offering as a first-of-its-kind securities lending central counterparty (CCP) service spanning European and U.S. equities, ETFs and fixed income instruments.

Settlement Through DTC With BNY as Agent

Settlement of U.S. securities will take place via the Depository Trust Company (DTC) in line with U.S. local best practices, with BNY acting as settlement agent. Clearing of SFTs with U.S. equities being lent will initially be available only to non-U.S. lenders and borrowers. The restriction mirrors the service’s existing treatment of eligible U.S. corporate bonds and U.S. Treasuries, which are likewise cleared for non-U.S. lenders and borrowers only.

The SFT service covers trade matching, central clearing and post-trade lifecycle management, a combination Cboe said delivers capital efficiencies while streamlining settlement, reporting and client onboarding. Through the service’s special clearing member model, beneficial owner lenders such as pension funds and UCITS can use the service without posting margin or contributing to Cboe Clear Europe’s default fund, a structure the company said is intended to open participation to all major sources of lending liquidity.

Cboe reported that the service’s participants include many of the largest firms in the securities lending market, encompassing both UCITS and non-UCITS beneficial owners. The company said the service reached a record 14 billion euros in outstanding loan value during September 2026.

Vikesh Patel, Global Head of Clearing and President of Cboe Clear Europe, said: “Expanding to offer SFTs with U.S. equities is another major step toward our vision of a global securities lending service, and underscores our commitment to delivering innovative solutions that create meaningful capital and operational efficiencies for market participants.” Patel said the service’s strong adoption since launch reflects growing industry recognition of the benefits of central clearing, and that Cboe is continuing to broaden coverage across asset classes and jurisdictions.

Jan Treuren, Head of Product at Cboe Clear Europe, said: “Our expansion into SFTs with U.S. equities is a direct response to client demand for a broader, globally consistent securities lending clearing solution.” Treuren said the service was designed in collaboration with market participants around existing workflows, settlement practices and market conventions, with the aim of minimizing disruption for clients.

From European Equities to Fixed Income

Cboe Clear Europe launched the SFT clearing service in 2025 for loans of European equities and ETFs, initially covering lending across 19 European Central Securities Depositories. Cboe said the service introduced central clearing to a market that had long operated on a bilateral basis, drawing adoption from lenders, borrowers and agent lenders seeking the capital and operational benefits of the CCP model.

In an August 6, 2026 announcement, Cboe said the service would extend into fixed income beginning August 24, 2026, covering certain EU, Swiss and UK government and corporate bonds for all lenders and borrowers, along with U.S. Treasuries and U.S. corporate bonds for non-U.S. lenders and borrowers. Settlement for the fixed income leg was arranged via Euroclear Bank for European and Swiss instruments, CREST for UK instruments, the Federal Reserve for U.S. Treasuries and the Depository Trust Company for U.S. corporate bonds.

That August release reported outstanding loan values of 9.0 billion euros on July 31, 2026, with a high watermark of 9.5 billion euros on May 7, 2026, and an average daily settlement volume above 1,000 during July 2026. Cboe said moving SFTs from a bilateral to a centrally cleared model can help participants improve balance sheet efficiencies while simplifying post-trade operations including settlement, reporting and client onboarding.

Cboe Clear Europe provides clearing for European cash equities and SFTs. Its U.S. counterpart, Cboe Clear U.S., currently clears digital asset futures listed on Cboe Futures Exchange, and Cboe said in August that it expects the U.S. clearing arm to expand its capabilities to support clearing across both established and emerging asset classes in the future.