Cboe Global Markets, a provider of global market infrastructure and tradable products, has appointed Vikesh Patel, the Head of Securities Strategy at SWIFT, as the new President of Cboe Clear Europe. Patel will take on the role of leading the pan-European clearing house in early 2023, Cboe said in a statement released on Wednesday.

Vikesh Patel Steps into New Role as President of Cboe Clear Europe

Patel, who boasts of over 15 years of work experience in the financial infrastructure market, replaces Cécile Nagel, who resigned from the role earlier in September. Since Nagel’s resignation, Arnoud Siegmann, Cboe’s Chief Operating Officer, has been serving as the Interim President at Cboe Clear Europe.

Speaking about Patel's appointment, Natan Tiefenbrun, the President of Cboe Europe, described the SWIFT executive’s experience in the securities post-trade industry as “long and impressive.”

“We are excited to be able to leverage his expertise to support Cboe Clear Europe's strategic growth and further enhance its position as the leading pan-European clearing house,” Tiefenbrun noted.

For his part, Patel noted that was eager to lead Cboe Clear Europe “into its next phase of growth.”

"I am honored 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 explained.

New Role for Vikesh Patel despite Length of Career in Industry

In a career spanning over a decade and a half, Patel worked for a number of top financial industry firms, including Goldman Sachs and Morgan Stanley. He joined SWIFT in September 2017 from LCH, a post-trade business owned by the London Stock Exchange Group. During this time at SWIFT, he headed the international financial messaging provider's operations in the UK, Ireland, Nordics, and the Americas at various times.

Patel spent four years and five months at LCH, first serving as the Director and Compliance Advisor for Repurchases and Exchanges and later as Chief Operating Officer of EquityClear and RepoClear.

At Goldman Sachs, he was the Executive Director and Global Head of Market Infrastructure between January 2011 and April 2013. Earlier, he served as the Vice President of Market infrastructure at Morgan Stanley for over four years.

Meanwhile, he worked for Her Majesty’s Treasury between September 2002 and September 2004, first as a Policy Advisor and later as an Assistant Private Secretary to the Financial Secretary of the Treasury.