SWIFT executive Vikesh Patel has been named President of Cboe Clear Europe, a pan-European central counterparty offering clearing services to 47 trading venues.
Patel, who will join the company in early 2023, replaces Cecile Nagel, who stepped down from the role in September this year.
Patel comes on board with over 15 years of experience in financial market infrastructure and is joining from SWIFT, where he was most recently Head of Securities with responsibility for leading its securities strategy globally.
"I am honoured to be appointed as the next President of Cboe Clear Europe. Having been a client, partner and competitor of Cboe Clear Europe over many years, I am well aware of the company's strong reputation, in particular for its outstanding levels of client service, innovation and risk management expertise," Patel said in a statement released by the company.
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"The company is at an exciting time in its development and I am looking forward to leading it into its next phase of growth," he added.
Prior to joining SWIFT in 2017, Patel was a chief operating officer at LCH, focusing on strategy, risk management and the development of new products for the clearing organisation's EquityClear and RepoClear businesses. He has also served in global executive roles at Goldman Sachs and Morgan Stanley, with a primary focus on market infrastructure and post-trade strategy.
"We are delighted to have Vikesh lead Cboe Clear Europe. He has a long and impressive track record in the securities post-trade industry, both in Europe and globally," Natan Tiefenbrun, President, Cboe Europe, said.
Cboe completed its acquisition of Cboe Clear Europe (formerly EuroCCP) in July 2020. Under Cboe's ownership, the company has enhanced its position as the leading pan-European cash equities clearing house, growing its volumes on venues that allow fully interoperable clearing as well as those that have adopted preferred clearing. Cboe Clear Europe operates as an independent subsidiary of the Cboe group, retaining a separate governance structure and management team.
