RepoClear is a market leading service clearing cash bond and repo trades across a number of European markets.
Established in partnership with leading banks in 1999 in, it was the first multi market centralised clearing and netting facility for some 13 European government repo and cash bond markets, and a range of pan-European €GC Baskets. Today, monthly volumes average c. €13 trillion, and RepoClear clears cash bond and repo trades in the following markets: Austrian, Belgian, Dutch, German, Irish, Finnish, Portugese, Slovakian, Slovenian, Spanish and UK government bonds. Additional markets served include: German Jumbo Pfandbriefe and Supranationals, Agency and Sovereign. RepoClear accepts the following types of repo trades: classic fixed rate repos with 1st leg settlement on a same day or forward start basis with a term not greater than one year.
LCH Ltd supports two General Collateral products in Term £GC and €GC, both are based on the clearing, netting and settlement of cash-led repo trades in standardised ranges of liquid bond baskets.
LCH SA provides clearing services covering French, Italian and Spanish Government debts, on cash and repos transactions traded by the following financial institutions and trade providers:
- Trading Platforms: Euro-MTS, MTS-France, MTS Italy, ICAP (BrokerTec) and Tullett Prebon
- Trade Providers: ETCMS - Euroclear Trade Capture and Matching System (EUROCLEAR's matching system), Viel/Tradition
These transactions are processed by LCH SA RepoClear and are settled by :
- Euroclear France (RGV chain for trades on French debt)
- Monte Titoli for Italian debt
- Iberclear for Spanish debt
LCH SA and Cassa di Compensazione e garanzia (CC&G) have an agreement whereby LCH SA and CC&G provide clearing services for Italian government bonds transactions executed on MTS Spa and Brokertec platform and settled in Monte-Titoli.
€GCPlus, introduces trading of Euro cash liquidity through two baskets of ECB eligible collateral in partnership with Euroclear and with the support of Banque de France. A new General Collateral clearing service, €GCPlus establishes a new generation of liquidity in the market place improving efficiencies in both clearing and settlement.
Together with LCH's commitment to capital markets through robust risk management and collateral management expertise provided by Euroclear, this service also facilitates the possibility of refinancing through onward pledge to the Banque de France.
The first basket is based on ECB High Issuance securities which support LCR principles with the second basket covering an extended spectrum of ECB eligible securities
Traded as Repo transactions, €GCPlus can be accessed through the following Trading Platforms: MTS, ICAP (BrokerTec) and Tullett Prebon