LCH’s UK cash bond and repo trade - clearing service
RepoClear is LCH’s UK-based clearing service for sterling repo and cash bond trades.
Clearing is available for eligible repo and cash bond trades referencing bonds issued by the UK government.
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 potentially generating operational and capital efficiencies for all participants.
RepoClear Ltd offers clearing services in sterling denominated government bonds.
Products cleared include classic fixed rate repos with settlements ranging from the same day to up to one year.
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
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