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Independent Supervisory Director

ErisX

ErisX

People & HR, Operations
Amsterdam, Netherlands
Posted on Tuesday, October 31, 2023

Job Description

Independent Supervisory Director

Cboe Clear Europe N.V.

Introduction

Cboe Clear Europe is a leading pan-European central counterparty (CCP) and provides safe and efficient clearing and settlement services throughout Europe. CCPs give protection to both parties in a trade, providing assurance to each party that the trade will settle at the agreed price in the event that one party defaults on its obligations. Cboe Clear Europe is the most connected CCP in Europe - offering clearing services to 47 trading venues - and is approved to clear cash equities, depositary receipts, ETFs, and equity derivatives (index futures and options). The company enables Clearing Participants to manage their counterparty credit risk and to maximise operational efficiencies through automated processing and the provision of netting opportunities. Headquartered in Amsterdam, Cboe Clear Europe is regulated by De Nederlandsche Bank and by Autoriteit Financiële Markten. For more information about Cboe Clear see www.clear.cboe.com

To help us maintain and grow our business the company is looking for an

Independent Supervisory Director

Organisation

Cboe Clear Europe was formed in December 2013 following the combination of European Multilateral Clearing Facility N.V. (EMCF) and European Central Counterparty Limited (ECCP Limited), both of which were incorporated in 2007. On 1 July 2020, Cboe Worldwide Holdings Limited, an affiliate of Cboe Global Markets Inc. (Cboe Global Markets), acquired 100% of the business as of which date Cboe Clear Europe became part of the Cboe group. The company has a branch in London, United Kingdom and employs over 100 employees in total. The Management Board consists of the President, the Chief Technology Officer, and the Chief Operating Officer, supported by the Chief Financial Officer, Chief Risk Officer, Head of Legal and Compliance / Chief Compliance Officer, Head of Commercial & Business Development, Head of HR and Head of Internal Audit.

It is a very dynamic yet fast-growing organization with an international and progressive culture in which collaboration and teamwork is valued. It is a unique and challenging position within an ambitious international organisation which operates at the heart of the European financial market infrastructure


Supervisory Board

Pursuant to Dutch corporate law, Cboe Clear Europe has a two-tier board structure comprising the Management Board and the Supervisory Board. In accordance with Cboe Clear Europe’s governance arrangements and EMIR requirements the Supervisory Board of Cboe Clear Europe consists of up to eight Supervisory Directors, of which at least one third must be Independent Supervisory Directors.

The Supervisory Board has three standing committees: the Audit Enterprise Risk and Compliance Committee, the Remuneration Committee, and the Nomination Committee. In accordance with EMIR, Cboe Clear Europe also has a Risk Committee consisting of representatives of clearing members and clients, and of the Independent Supervisory Directors. The Supervisory Board meets at least four times a year and is regularly engaged to discuss and assess issues of importance.

Responsibilities

As a member of the Supervisory Board a Supervisory Board Director is responsible for supervising and advising Cboe Clear Europe’s management board and Cboe Clear Europe’s general course of affairs and the business enterprise connected with it.

The Supervisory Board shall be guided by the longer-term interests of Cboe Clear Europe and its business; it shall take into account the relevant interests of all Cboe Clear Europe’s stakeholders.

The responsibilities of a Supervisory Director include supervising, monitoring and advising the management board on Cboe Clear Europe’s strategy and performance and the achievement of Cboe Clear Europe’s objectives, both financial and social, the policies set and executed by the management board, its commercial activities, the design and effectiveness of the internal risk management and control systems, the (financial) reporting processes and compliance with legislation and regulations.

Profile of a Supervisory Director

General requirements

  • Understanding of the functioning of capital markets, MTF and regulated market business, clearing and post trading activities.
  • Experience in markets in which Cboe Clear Europe operates, particularly in the EU/Netherlands.
  • Strong experience in CCP risk management is required and an understanding of IT best practices is preferred.
  • Knowledge and experience in the field of legal and compliance for financial institutions, preferrably in the area of clearing and post trading activities
  • Knowledge and managerial experience required to fulfil the task of supervisory director in a supervised financial institution.
  • Consideration will also be given to the current composition of the Supervisory Board with an aim to have a Supervisory Board that reflects diverse backgrounds, experience and viewpoints in order to provide varied insights and competent guidance regarding the company’s operations.

Special requirements

  • In accordance with EMIR, an Independent Supervisory Director must qualify as “independent member” within the meaning of EMIR.
  • Knowledge of derivatives and securities finance markets would be preferred.

As the candidate will assume the role of EMIR Risk Committee Chair, a forum of Cboe Clear Europe’s clients providing advice on the adequacy of the Cboe Clear Europe Risk Framework, the candidate must have the experience and knowledge required for leading these committee meetings and ensuring there is effective communication with stakeholders. The candidated should also have good strategic and facilitation skills, the ability to influence and achieve consensus, the ability to act impartially and without bias; tact and diplomacy.

  • It is noted that the appointment of the Independent Supervisory Director is subject to integrity screening and suitability screening by DNB.


Any communication from Cboe regarding this position will only come from a Cboe recruiter who has a @cboe.com email or via LinkedIn Recruiter. Cboe does not use any other third party communication tools for recruiting purposes.