Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
European Central Counterparty N.V. (EuroCCP) has announced the appointment Cécile Nagel as Chief Executive Officer, starting her role in September 2018 by the time the current CEO Diana Chan steps down from office.
Nagel joins the leading equities clearing house in Europe from the London Stock Exchange Group (LSEG) where she was most recently Head of LSE Markets Global Product Development and LSE Exchange Traded Products. She worked at LSEG in a number of senior roles across the organization since joining the company in 2009.
Over the years at LSEG, she was also Head of Strategic Planning for the Group and Global Head of Equities and Commodities at LCH Group, LSEG’s multi-asset clearing house. Her professional career includes roles at Oliver Wyman and the Uk regulator Financial Services Authority.
Jan Bart de Boer, chairman of EuroCCP’s supervisory board, said:
“We are delighted to have Cécile join as EuroCCP’s CEO. She is one of Europe’s leading market structure experts and is ideally placed to lead the business at a time when the equities market is expected to continue to transform as a result of regulatory change and the application of new technology.”
Cécile Nagel commented on the appointment:
“I am honored to have been asked to lead EuroCCP. It is a major market infrastructure in Europe with a strong equities footprint and significant opportunities for growth. I look forward to working with my new colleagues to deliver the next stage of its development for the benefits of clearing members, trading venues, and all stakeholders.”
Founded in 2007, EuroCCP has become one of the leading pan-European equities counterparty clearing houses, with access to 26 venues including CBOE Europe, Euronext, the London Stock Exchange, Nasdaq and SIX Swiss Exchange.
EuroCCP currently clears between 5 to 8 million trade sides each day from 27 stock exchanges, multilateral trading facilities and other trade sources in Europe, totaling €30 to €40 billion in value. EuroCCP’s netting ratio is over 99.5%. The company nets away around 75% of the value traded, with an equivalent reduction in trading firms’ market exposure and liquidity costs.