Opening
Cboe Global Markets announced the planned appointment of Boudewijn Duinstra as Executive Vice President and Chief Risk Officer. The appointment aligns with Cboe's international growth strategy and expanding derivatives and clearing operations, according to the company. The move comes as global over-the-counter derivatives notional outstanding exceeded $700 trillion during 2025, according to the Bank for International Settlements, while global exchange-traded derivatives volumes exceeded 137 billion contracts in 2025, representing another record year for the industry, according to the Futures Industry Association. The appointment reflects a broader industry shift in which exchanges, clearing houses, and trading infrastructure providers increasingly position enterprise risk management as a strategic growth function rather than a purely defensive control layer. Regulators globally increased focus on central counterparty resilience, clearing concentration risk, margin stability, cybersecurity preparedness, cross-market contagion exposure, and operational continuity over the past several years. That scrutiny intensified following major volatility episodes across equities, energy, government bonds, and commodities markets, including the 2020 pandemic liquidity shock, the 2022 UK pension liability-driven investment crisis, and repeated commodity margin spikes.
Background And Experience
Duinstra brings more than 30 years of experience across derivatives markets, risk management, proprietary trading, and clearing infrastructure. Most recently, he served as CEO of ABN AMRO Clearing USA. Earlier roles included Head of Risk Management at ICE Clear Europe and Global Chief Risk Officer at ABN AMRO Clearing Bank. Cboe said Duinstra will oversee the company's global risk management function while helping strengthen enterprise risk frameworks, governance structures, and operational resilience across the organization. The executive will be based primarily in Chicago while also spending time in Amsterdam supporting Cboe's European operations and clearing businesses.
Executive Commentary
Craig Donohue, Chief Executive Officer at Cboe Global Markets, commented, "As we continue to execute on our next phase of growth, maintaining a strong, resilient, and globally integrated risk management framework remains foundational to our strategy and long-term success." He added that Duinstra's experience across derivatives and clearing markets would be "highly valuable as we scale our capabilities globally." Duinstra commented, "As a leading global markets operator, Cboe has for decades operated dynamic, interconnected markets where resiliency, risk discipline, and operational integrity are paramount." He added that he intends to build on Cboe's existing framework as the company continues evolving and expanding internationally.
Industry Context
According to the Financial Stability Board, central clearing houses increasingly function as globally systemically important financial infrastructure nodes due to the concentration of risk management and collateral flows inside CCP environments. That environment materially increased demand for senior executives with direct clearing and risk-management experience. Cboe itself continued expanding beyond its traditional options exchange roots into a broader global infrastructure operator spanning equities trading, index derivatives, clearing services, FX trading, data products, European cash equities, and digital asset initiatives. The company increasingly competes with infrastructure operators including ICE, CME Group, LSEG, Nasdaq, and Eurex across multiple asset classes and trading environments.
Operational Environment
Historically, exchange risk teams primarily focused on market integrity, margin controls, and default management. Today, enterprise risk increasingly encompasses technology resilience, cloud infrastructure, geopolitical exposure, cyber defense, AI governance, and interconnected operational dependencies. Research from Oliver Wyman showed global financial institutions continue substantially increasing operational resilience spending as regulators tighten expectations around systemically important infrastructure providers. Derivatives growth increases operational demands on exchanges and clearing providers, particularly around margin processing, intraday risk monitoring, cross-asset clearing, collateral management, liquidity stress testing, and real-time surveillance. The rise of 24-hour trading environments and increasingly interconnected global markets also expands operational risk exposure materially.
Global Clearing And Exchange Risk Trends
| Metric | Figure | Source |
|--------|--------|--------|
| Boudewijn Duinstra industry experience | 30+ years | Cboe |
| Global OTC derivatives outstanding | $700T+ | BIS |
| Global exchange-traded derivatives volume in 2025 | 137B+ contracts | FIA |
| Primary infrastructure risk focus | Operational resilience | FSB / industry analysis |
| Key market structure trend | Clearing concentration growth | BIS |
| Major operational pressure | 24-hour interconnected markets | Industry analysis |
| Core competitive focus for exchanges | Risk, clearing & infrastructure scale | Market analysis |
