About CME Clearing Europe

An established European multi-asset class clearing house

CME Clearing Europe is a UK clearing house that provides a single, integrated platform for clearing and risk managing a broad range of exchange-traded derivatives under English law in a European regulatory framework.

Regulatory Status

CME Clearing Europe is an EMIR authorised London-based Central Counterparty (CCP), supervised by the Bank of England and the EMIR Regulatory College.

CME Clearing Europe is also registered as a Derivatives Clearing Organization (DCO) with the U.S. Commodity Futures Trading Commission (CFTC).

As a company registered in England and governed by English law, CME Clearing Europe is obliged to meet the prescribed legal and accounting standards.

Ownership: A Wholly-Owned Subsidiary of CME Group

CME Clearing Europe is a wholly-owned subsidiary of CME Group, the world's leading and most diverse derivatives marketplace. As a separate company it has its own governance structure and dedicated financial resources.

Resources: CME Group's Technical and Operational Expertise

Our London-based team of clearing, banking, operations and risk specialists has full access to the extensive technical and operational experience and expertise of CME Group, including the systems, clearing and risk management expertise of the Group's US clearing house, CME Clearing.

In particular, we implement the same clearing, banking, settlement and risk management systems as CME Clearing.

Designated Security Settlement System

CME Clearing Europe is also a Designated Security Settlement System under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, which implements the Settlement Finality Directive (Directive 98/26/EC) of the European Parliament and of the Council of 19 May 1998.

Delegated Trade Reporting

CME Clearing Europe also offers a reporting service leveraging existing data collected in the clearing process. All trades are reported to our London-based CME European Trade Repository

Professional Advisers

  • External auditors: Ernst & Young LLP.
  • Legal advisers: Norton Rose Fulbright.

Corporate Governance

Board of Directors

CMECE's Board of Directors is responsible for oversight of all the affairs of the Company. The biographies of the members of the Board can be found on the Board of Directors tab on this page. Collectively, its members  have very considerable experience of financial markets, derivatives and clearing. The Board has not formally delegated any approval powers to its committees but in practice draws heavily on their advice and expertise. It has delegated certain signatory and decision-taking powers to the executive directors, including clearing member default declaration powers, on the basis that it receives full information of agreements signed and decisions taken under those delegated powers.

In accordance with best practice under UK corporate governance codes, the Board and its committees are chaired by the three independent, non-executive directors. The other directors are three non-executives from CME, including one independent director of the board of CME, and two executive directors.

Committee structure

The committees of the Company are:

Audit Committee - this exclusively independent non-executive director committee oversees the finances and financial reporting of the Company, and the auditing of internal controls. CMECE’s internal auditors, members of the finance department, and the Chief Compliance Officer are typically in attendance at the meetings of the Audit Committee. The external auditors are slightly less frequent but regular attendees.

Remuneration Committee – this committee comprises two independent non-executive directors and one non-executive director, oversees and approves executive remuneration and appointments to the board and additionally has general oversight of general remuneration policies. Further information on the Remuneration Policy can be found below.

Risk Committee – this committee is responsible for advising the Board on the full range of the Company’s risk policies relating to  exchange-traded derivatives. Please see the section on Risk Governance for further information on the composition of the Risk Committee.

Compliance Function

Responsibility for overseeing compliance with the UK and EU standards and requirements applicable to clearing houses ultimately rests with the Board of Directors. However, CME Clearing Europe’s Chief Compliance Officer is responsible for liaising with the Bank of England and ensuring the clearing house’s day to day compliance with the relevant regulatory standards (for example via the compliance monitoring programme). The Chief Compliance Officer reports to the Chief Executive Officer.

With reference to compliance by Clearing Members, the CMECE Credit Risk Team is responsible for verifying, on an on- going basis, the compliance of Clearing Members with the CME Clearing Europe admission and eligibility standards and monitoring compliance with the CME Clearing Europe Rules.

Any conflicts of interest from Clearing Members, Clients or other external party should be raised in the first instance with CMECE’s Chief Compliance Officer, CEO or the Chairman of the Audit Committee. All reports will be treated confidentially.

Internal Control Function

Responsibility for ensuring appropriate internal controls are in place ultimately rests with the Board of Directors. The Board is supported in this function by the Audit Committee and the Internal Audit Department.

The Audit Committee consists of the independent non-executive directors of CME Clearing Europe. The purpose of the Audit Committee is to assist the Board in ensuring the financial integrity of CME Clearing Europe and the soundness of its internal risk controls and procedures. The Audit Committee is responsible for reviewing the effectiveness of CME Clearing Europe’s internal operational risk controls, as well as managing and overseeing CME Clearing Europe’s internal audit function, internal audit arrangements and the relationship with CME Clearing Europe’s external auditor. The Audit Committee is also responsible for monitoring CME Clearing Europe’s financial statements and procedures for whistleblowing, detecting fraud, financial crime, and market abuse.

The terms of reference of the Audit Committee require it to meet at least three times a year at appropriate times in the reporting and auditing cycle and at such other times as the Chairman of the Audit Committee shall require. Since launch in 2011 the Committee has met more frequently than the minimum.

The CME Clearing Europe Internal Audit department has established independent assurance functions that report to the Audit Committee on matters such as: systems and controls; risk management; finance and controls; regulatory and governance issues. The internal audit function is established with reporting lines that are independent of the CME Clearing Europe management team and staffed with appropriately qualified and credentialed audit personnel.

Remuneration policy

CMECE has an EMIR-compliant remuneration policy and Remuneration Committee, which meets at least annually and comprises two Independent Non-Executive Directors of CMECE and one Non-Executive Director of CMECE.

The remuneration policy for CMECE is based on the remuneration philosophy, programmes and policies of CME Group Inc. (CME Group), but independently overseen by the Remuneration Committee of CMECE.

Our remuneration philosophy is to provide remuneration programmes appropriate to attract and retain the talented employees we need to achieve our business objectives, at an appropriate cost. Programmes are designed to ensure that employees are remunerated in a way that provides an appropriate mix of fixed and variable pay, which focuses employees on both the short-term and long-term health of CME Group and its subsidiaries, which include CMECE. In particular, CME Group’s programmes and policies are designed to align the level and structure of remuneration with prudent risk management and account for prospective risks as well as existing risks and risk outcomes.

Our remuneration programmes consist of four principal components: Fixed Salary, Cash Bonus, Equity/Stock Plan, Pension Scheme. In general these remuneration components for CMECE employees are managed by CME Group, the CEO of CMECE, and the President of CME Clearing, with oversight provided by CMECE’s Remuneration Committee. Specific remuneration decisions for CMECE senior executives who serve on the CMECE Board of Directors are made at the recommendation of the President of CME Clearing and CME Group, subject to review and approval by CMECE’s Remuneration Committee. For all other employees of CMECE, remuneration decisions are determined by the relevant CMECE senior executive and CME Group, with review by CMECE’s Remuneration Committee at its discretion.

This arrangement ensures that the remuneration of CMECE employees is independently reviewed and is in line with the long term objectives, values and interests of CMECE and CME Group.

Remuneration of Board of Directors

Independent non-executive members of the Board of Directors of CMECE receive only a fixed fee for their services, are not covered by variable pay programmes and do not receive performance-based remuneration. Independent non-executive members of the Board of Directors of CMECE may receive an additional fixed fee for service on committees or as committee chairs. Non-executive members of the Board of Directors of CMECE who also serve on the Board of Directors of CME Group receive a fee for each CMECE board or committee meeting attended. Non-executive directors of CMECE who are employees of CME Group and executive directors of CMECE do not receive payment for their service to the CMECE Board of Directors.

Financial information

The most recent audited financial statements are available here.

Stakeholder Engagement

CME Clearing Europe is committed to fostering fair and efficient markets, employing and enforcing sound and comprehensive risk management practices, and offering a market-leading financial safeguards package.

The CME Clearing Europe Board seeks to ensure that the interests of all CME Clearing Europe participants are addressed. The Board’s focus is on operating a clearing house that conforms to best practices and ensuring that participants are treated fairly and consistently and that its rules and operations appropriately reflect the legitimate interests of its direct and indirect participants and other relevant stakeholders.

CME Clearing Europe seeks to ensure effective stakeholder engagement and participation via:

  • Regular engagement with industry bodies and customer forums
  • Ensuring a dialogue with UK, EU and international regulatory bodies
  • Facilitating Clearing Member representation on the Risk Committee - Clearing Member representation helps CME Clearing Europe ensure that the interests of Clearing Members are understood and met.
  • Undertaking public consultations on proposed changes to the CME Clearing Rules via Advisory Notices – the Rules are transparent and are available to participants and the general public in the Resources section of the website.
  • Undertaking to provide accurate and transparent information regarding the operation of its markets to its participants via a number of resources e.g. press releases, Member Notices and, as above, published rules and procedures on the corporate website.

Underpinning CME Clearing Europe’s commitment to ensuring participants are treated fairly and objectively, the clearing house operates a complaints procedure (incorporating ultimate referral to an independent complaints investigator) as set out in the Clearing Procedures.

Supporting CME Europe

CME Clearing Europe provides central counterparty clearing services to CME Europe.

CME Europe is a London-based derivatives exchange supervised by the FCA and providing regionally tailored access to new, differentiated products, while leveraging the global scale and reach of CME Group.

CME Clearing Europe Board of Directors

CME Clearing Europe Board of Directors has particular depth of experience in derivatives clearing and related risk management, at both executive and non-executive level. The role of the independent, non-executive directors of the Board is fully in line with best practice in corporate governance standards.

Otto Nägeli
Independent Director, Chairman

Otto Nägeli has broad experience in financial services: banking, derivatives, and clearing and settlement. His career includes serving as CEO of Rud, Blass & Cie, AG in Zurich, and as Chairman of the Board of Directors at EEX, the European Energy Exchange in Frankfurt. Before that, as Deputy CEO of three Eurex companies – Eurex Zurich AG/Eurex Frankfurt AG/Eurex Clearing AG - he was instrumental in developing and building the first cross-border electronic exchange for derivatives in Europe and in integrating the clearing operations. Nageli joined Eurex from the management board of SWX, in which capacity he also continued to serve as CEO of SOFFEX, the Swiss derivatives exchange, which he helped to establish.

Simon Stormer
Independent Director, Audit Committee Chairman, Remuneration Committee Chairman

Mr. Stormer has been a Managing Director in the financial control department at Morgan Stanley, where he had a broad role including responsibility for financial reporting, asset and private wealth management controllers and legal entity control in EMEA. He served on a number of Boards and governance committees for regulated UK entities. Previously he was the global financial controller for Credit Suisse Asset Management and held a number of management positions at Credit Suisse First Boston in London and Paris. Prior to this he worked for Price Waterhouse in London, Vienna and Paris and qualified as a Chartered Accountant in 1987. Mr. Stormer is an associate trustee of the Great Ormond Street Hospital Charity and sits on its Audit and Remuneration Committee.


Hugh Simpson
Independent Director, Risk Committee Chairman

Hugh Simpson has been an independent consultant since 2005, advising the European Central Bank, the Hong Kong Mercantile Exchange, the Independent Financial Centre of the Americas, the Bank of England and the London Investment Banking Association. He was also co-author of the Bourse Consult report on the future of clearing and settlement in Europe. Previously he served as CEO of Crest Co Ltd. where he had also been the Executive Director and Head of Strategy, and co-founder and Development Manager of Crest Co Ltd. Prior to Crest Co Ltd. he held numerous positions at the Bank of England.

Arthur Fan
Non-Executive Director

Arthur Fan is Managing Director and Global Head of Commodities at Bank of China International (BOCI), the wholly-owned investment banking arm of Bank of China. He helped the company to become the first Chinese investment bank successfully established commodities platform to provide clients with full spectrum of comprehensive risk management and financing solutions. Under his leadership, BOCI independently launched a global benchmark commodity index in 2015, which was the first international commodity index released by a Chinese financial institution. Mr. Fan held various positions with BOCI before his current role. He holds an MBA degree from the University of Oxford.


Joyce Tan
Board Advisor

Joyce Tan is Managing Director for Investment Operations at the GIC Private Limited. As the Director of Investment Operations Department (IOD), Joyce is responsible for the broad spectrum of operations such as trade processing and settlements, income entitlements, follow-up on mergers and acquisitions, market data management, pricing operations, model valuations, performance measurement, management and client reporting of all assets under GIC's management. Her group is also responsible for managing and implementing major changes in operations processes, workflows and systems in response to new markets, financial products, and valuation models or data requirements.

Lee Betsill
Non-Executive Director, CME Group

Lee Betsill serves as Managing Director of Global Clearing Operations for CME Clearing. He is responsible for growing the company’s global clearing and repository services. Previously, he served as Chief Executive Officer of CME Clearing Europe (CMECE). Under his leadership, CMECE grew to list a broad range of cash settled and physically delivered OTC and exchange traded derivatives, including interest rate swaps, foreign exchange, energy, metals and commodities. It also provides clearing services for CME Europe, CME Group's London-based derivatives exchange.
Prior to joining CME Group in 2010, Betsill served as Managing Director of EDX London. He joined the London Stock Exchange in 1995 after serving as head of clearing at Options Market London Exchange for seven years. His first job was on the trading floor of the Chicago Mercantile Exchange.
Betsill holds a bachelor’s degree in finance from the University of Wyoming and a master’s degree in international management from the American Graduate School of International Management.

William Knottenbelt
Non-Executive Director, CME Group

William Knottenbelt is Managing Director, Europe, Middle East and Africa (EMEA) of CME Group. In that role he is responsible for developing customer relationships, core business growth and new business opportunities in the EMEA region. Prior to joining CME Group, William was Global Head of Futures for the Royal Bank of Scotland (RBS) where he built out the global reach and product offering of RBS futures. He also served as Global Head of Central Counterparty Clearing where he developed the bank's over-the-counter clearing solutions. William held a number of other leadership roles at RBS and its affiliates during his 25 years there, including Global Head of FX and Interest Rate Derivatives prime brokerage. He began his career trading commodities at Czarnikow. William has also served as an Executive board member at the Futures Industry Association and the Futures and Options Association.

Kim Taylor
Non-Executive Director, CME Group

Kim Taylor has served as Managing Director and President of the CME Group Clearing House Division since July 2007. Previously she served as Managing Director and President of the CME Clearing House Division, beginning January 1, 2004, and as Managing Director, Risk Management (previously Senior Vice President under CME's former title structure) in the Clearing House Division, from October 1998 to December 2003. Taylor has held a variety of positions in the Clearing House, including Vice President from January 1996 to January 1998 and Senior Director from July 1994 to December 1996. She joined CME in 1989.

Tina Hasenpusch
Chief Executive Officer

Tina Hasenpusch serves as Chief Executive Officer and Managing Director at CME Clearing Europe. She is responsible for the ongoing build-out of CME Clearing Europe, continuing to grow the business and work with customers to address their clearing requirements. Tina previously served as Executive Board Member and Chief Operating Officer of CME Clearing Europe, responsible for managing all daily operations. Prior to this, she held the role of Head of Clearing & Business Development, responsible for the delivery of key strategic initiatives including new product and service launches at CME Clearing Europe. Before joining CME Clearing Europe, Tina was part of Barclays Investment Bank's Strategy team in London, and had also worked in the Trading and Clearing Market Development Department of Eurex. Tina has published academic articles and a book on the economics of clearing. She holds an MBA and a PhD in Banking and Finance from the EBS University in Oestrich-Winkel, Germany.

CME Clearing Europe Leadership Team



Tina Hasenpusch
Chief Executive Officer

Tina Hasenpusch serves as Chief Executive Officer and Managing Director at CME Clearing Europe. She is responsible for the ongoing build-out of CME Clearing Europe, continuing to grow the business and work with customers to address their clearing requirements. Tina previously served as Executive Board Member and Chief Operating Officer of CME Clearing Europe, responsible for managing all daily operations. Prior to this, she held the role of Head of Clearing & Business Development, responsible for the delivery of key strategic initiatives including new product and service launches at CME Clearing Europe. Before joining CME Clearing Europe, Tina was part of Barclays Investment Bank's Strategy team in London, and had also worked in the Trading and Clearing Market Development Department of Eurex. Tina has published academic articles and a book on the economics of clearing. She holds an MBA and a PhD in Banking and Finance from the EBS University in Oestrich-Winkel, Germany.

Tony Zangrilli 
Chief Operating Officer

Tony Zangrilli has been with CME Group since 2005 serving in roles with increasing levels of responsibility. Prior to joining CME Clearing Europe, Tony was a Senior Director within CME Clearing and was responsible for daily clearing operations; which included daily processing, physical deliveries and operational risk management. Prior to joining the CME Group, Tony was an equity option market maker and a US Treasury basis trader. He holds a bachelor's degree in Finance from the University of Illinois at Chicago.

Udesh Jha
Chief Risk Officer

Udesh Jha serves as Chief Risk Officer and is responsible for managing all aspects of risk at CME Clearing Europe. Prior to joining CME Clearing Europe, Udesh was an Executive Director within CME Clearing responsible for development of quantitative risk models across different asset classes. Prior to this joining CME Group, he worked at Capital One, Banc of America Securities, and QRM in different risk management roles ranging from ALM, Funds Transfer Pricing and CDO Structuring. Prior to this, Udesh was a Senior Management Consultant with IBM assisting clients with Supply Chain Management solutions across different industrial sectors. Udesh holds a Bachelor¿s degree from the Indian Institute of Technology, a Masters in Science in Civil Engineering from University of Connecticut and an MBA degree from the University of Chicago Booth School of Business.

Simon Tyrrell
Chief Compliance Officer

Simon Tyrrell serves as Chief Compliance Officer at CME Clearing Europe and also acts as the UK Head of Risk and Compliance for CME Group. Before joining CME Clearing Europe he worked for six years as EMEA Head of Compliance Advisory to the Futures and OTC Clearing business at Barclays Investment Bank as well as providing Compliance support to the Commodities and eCommerce business lines. Prior to Barclays, Simon held roles as Head of Market Regulation at a Recognised Investment Exchange and in equity derivatives sales and execution. Simon holds a joint honours degree in Economics and Economic History from the University of Liverpool.