LCH’s UK cash bond and repo trade - clearing service
RepoClear is LCH’s UK-based clearing service for European repo and cash bond trades.
The service was established in partnership with leading banks in 1999, creating a multimarket, centralised clearing and netting service for European repo and cash bond trades.
Monthly average volume is now around €13 trillion, with clearing available for eligible repo and cash bond trades referencing:
- Bonds issued by 11 different European governments: Austria, Belgium, Netherlands, Germany, Ireland, Finland, Portugal, Slovakia, Slovenia, Spain and UK.
- Selected supranational, regional, agency and other government-guaranteed bonds.
Sponsored Clearing extends the benefits of direct CCP membership to the buy-side community. By inviting member banks to sponsor buy-side direct access to the CCP, LCH provides an innovative way to enhance existing clearing relationships, while generating operational efficiencies for all participants.
RepoClear Ltd offers clearing services in a wide range of government bonds and other debt securities.
Additional products cleared include classic fixed rate repos with settlements ranging from the same day to up to one year.
Our offering includes the clearing of eleven European government bond markets: Austria, Belgium, Netherlands, Germany, Ireland, Finland, Portugal, Slovakia, Slovenia, Spain and UK. In addition to € and $ Supranationals, Agencies and Sovereigns, German Jumbo Pfandbriefe.
Market participants can choose between being a RepoClear Member, a RepoClear Dealer or a Sponsored Member.
A RepoClear Member is an entity approved by LCH to clear transactions which it or one of its RepoClear Dealers has executed.
A RepoClear Dealer is an entity approved by LCH to clear transactions it has executed, using an approved RepoClear Member.
Sponsored Members join under a new membership category that allows buy-side firms to enjoy the full benefits of clearing through LCH. This creates a direct transactional relationship between LCH and the Sponsored Member, making LCH the counterparty to each cleared trade. Sponsored Members are supported by an Agent Member (sponsoring bank) that facilitates margin payments (as paying agent) and provides default fund contributions for each sponsored transaction.
Cash bonds and repo products eligible for clearing
A proven risk management framework
The cost of clearing at RepoClear LTD
Clearing activity across the service
Discover the first steps to getting started at RepoClear Ltd
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