LCH’s France-registered cash bond and repo trade clearing service
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.
Market participants can choose from three membership options at RepoClear SA. These range from direct membership at the clearing house – as an Agent member – to an indirect and intermediated relationship with RepoClear SA as a Sponsored member.
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
Government Bond Markets Cleared
Interoperable link operated for Italian government bond market segment between LCH SA and CC&G
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, ICAP (BrokerTec) and TP Repo
- Trade Matching: ETCMS – Euroclear Trade Capture and Matching System (Euroclear’s matching system), Viel/Tradition
These transactions are processed by RepoClear SA and are settled by:
- Euroclear France for French, German and Belgian debts
- Monte Titoli for Italian debt
- Iberclear for Spanish debt
- Clearstream Banking (Frankfurt) for German debt
- Banque Nationale de Belgique for the Belgian debt
- Euroclear Bank for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
- Clearstream Banking Luxembourg for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
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.
Cash bonds and repo products eligible for clearing at RepoClear
RepoClear has a robust and proven risk and default management framework
Prices to clear your trades with RepoClear
Total Yearly Nominal in €bn
Everything you need to know about clearing at RepoClear
Questions about RepoClear? Don’t hesitate to get in touch