• Service to expand from mid-October to include over 3,500 U.S. equities and ETFs
• Establishes a first-of-its-kind securities lending CCP service covering European and U.S. Equities, ETFs and fixed income instruments

 Cboe Global Markets, Inc., a leading global markets operator and pioneer in equity and index derivatives, announced that Cboe Clear Europe N.V., its pan-European clearing house, will expand its Securities Financing Transactions (SFT) clearing service from mid-October to include U.S. equities eligible for securities lending – another significant milestone in its strategy to expand the benefits of central clearing across the global securities lending market.

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, with plans to broaden coverage over time to Cboe’s full U.S. equities trading universe of around 12,000 symbols. 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. Similar to the service’s approach for eligible U.S. corporate bonds and U.S. Treasuries, clearing of SFTs with U.S. equities being lent will initially be available only to non-U.S. lenders and borrowers.

Vikesh Patel, Global Head of Clearing and President, 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. The service’s strong adoption since launch reflects the industry’s growing recognition of the benefits of central clearing and our unique model. As we continue to broaden its coverage across asset classes and jurisdictions, we’re helping participants optimise their securities financing activities globally, while contributing to the long-term growth, resilience and efficiency of the securities finance ecosystem.”

Launched in 2025 for loans of European equities and ETFs, Cboe Clear Europe’s SFT service has introduced central clearing to a market that has long operated on a bilateral basis, driving strong adoption from lenders, borrowers and agent lenders seeking the capital and operational benefits of the CCP model. Participants include many of the largest firms in the securities lending market, encompassing both UCITS and non-UCITS beneficial owners. As recently announced, the service was extended in August to include lending of fixed income instruments, such as European and U.S. government and corporate bonds, and reached a record €14 billion in outstanding loan value during September 2026.

The service provides a comprehensive solution for SFTs, covering trade matching, central clearing and post-trade lifecycle management, delivering significant capital efficiencies while streamlining settlement, reporting and client onboarding processes. Through its innovative “special clearing member” model, beneficial owner lenders, such as pension funds and UCITS, can utilise the service without posting margin or contributing to Cboe Clear Europe’s default fund, helping unlock participation from all major sources of lending liquidity.

Jan Treuren, Head of Product, 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. Working closely with market participants, we have designed the service around existing workflows, settlement practices and market conventions, making adoption as seamless as possible. The result is a solution that is designed to deliver meaningful capital, risk management and operational efficiencies while minimising disruption for our clients.”

Source: Cboe Global Markets