Cboe Europe, an equities exchange operator, announced on Monday that it has received approval to open a subsidiary in the Netherlands.
Cboe Europe B.V. is now authorized to operate a Regulated Market, Multilateral Trading Facility and Approved Publication Arrangement.
Based in Amsterdam, the new company will be regulated by the Dutch Authority for the Financial Markets.
Adam Eades, who is currently Chief Legal and Regulatory Officer at Cboe Europe, has been appointed President of the new company.
In that new role, Eades will oversee all of Cboe Europe B.V.’s operations.
“I’m delighted to lead Cboe Europe B.V. and work closely with the London team to ensure a seamless launch of the new venue,” said Eades.
“We’ve been working closely with our customers over the past two years and have made the necessary preparations to ensure we are ready for any potential Brexit scenarios.”
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Safeguard offices on the continent
The opening of a new subsidiary in the Netherlands comes as the grey clouds of a no-deal Brexit loom over the City of London.
With many financial services firm anxious to maintain their foothold on the continent, they have started opening offices in the European Union.
This was clearly what Cboe had in mind when it opened its new office in Holland.
“We are pleased to have received regulatory approval for our new Netherlands-based venue,” said Cboe Europe President Mark Hemsley.
“We are committed to providing pan-European services to our customers, and this authorization helps ensure we are well-positioned to continue to service our customers across Europe post-Brexit.”
Cboe Europe B.V. looks set to open on the first day of next month. That is two days after March 29 – the day Britain is set to leave the EU.
The firm said that political developments could mean that the launch date is changed.