LCH RepoClear SA

LCH’s France-registered cash bond and repo trade clearing service

Welcome to LCH RepoClear SA

RepoClear SA is LCH’s market-leading government bond cash and repo clearing service. Established in 1999 as a clearing service for French government securities and repo trades, the service has since added the Italian, Spanish, German and Belgian markets (2017). In January 2019, RepoClear SA has extended its clearing services to eight additional Euro markets, namely: Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals.

We remain committed to building out our product suite with our market partners to ensure that  RepoClear SA continues to occupy its important role in European clearing.

Membership at LCH RepoClear SA

Market participants can choose from the following membership options at RepoClear SA:

Individual Clearing Member (ICM) – A member authorized to clear their own business

General Clearing Member (GCM) – A member authorized to clear their own business and/or that of Associated Trading Members

Associated Trading Member (ATM) – A firm that trades on trading and matching platforms and has entered into a clearing agreement with a member

Special Clearing Member (SCM) - A member authorized to clear their own business under special conditions

Sponsored Clearing Member - A member currently not able to have direct access but can via the sponsorship of their Agent Member

Agent Member - Acting on behalf of the sponsored member to assist in meeting contractual and operational obligations of the clearing membership

Our Trading Partners

RepoClear SA provides clearing services for cash bond and repo transactions traded bilaterally among financial institutions and executed on the following trading venues:

  • Trading Platforms: Euro-MTS, MTS-France, MTS Italy, MTS Associated Markets, CME (BrokerTec), TP Repo (TP ICAP) and Tradeweb
  • Trade Matching: ETCMS – Euroclear Trade Capture and Matching System (Euroclear’s matching system)

 

These transactions are processed by RepoClear SA and are settled by:

  • National Bank of Belgium (NBB) for the Belgian debt
  • Clearstream Banking (Frankfurt) for French, Belgian and German debts
  • Clearstream Banking Luxembourg for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
  • Euroclear France for French, Belgian, German and Spanish debts
  • Euroclear Bank for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
  • Iberclear for French,German and Spanish debts
  • Monte Titoli for Italian debt

 

LCH SA and Cassa di Compensazione e Garanzia S.p.A. (CC&G) have an agreement under which LCH SA and CC&G provide clearing services for Italian government bond transactions executed on the MTS S.p.A. and BrokerTec platform and settled in Monte Titoli.

 

RepoClear SA - What We Clear

Cash bonds and repo products eligible for clearing at RepoClear

RepoClear SA - Risk Management

RepoClear has a robust and proven risk and default management framework

RepoClear SA - Fees

Prices to clear your trades with RepoClear

RepoClear SA - Volumes

Total Yearly Nominal in €bn

RepoClear SA - Essentials

Everything you need to know about clearing at RepoClear

RepoClear SA - Enhancements

Latest RepoClear enhancements

RepoClear SA - Team

Questions about RepoClear? Don’t hesitate to get in touch

RepoClear SA - Resources

A repository of the latest thinking and useful links from the RepoClear team