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Eurex Group
Eurex Repo, the leading marketplace for international, electronic repo trading and secured funding, today announced its further expansion in Europe. The newest member is the Mediterranean Bank domiciled in Malta, which has made first trades in the Euro Repo and the GC Pooling markets. With this new customer, the total number of Euro Repo participants has risen to 88, thereof 75 use the GC Pooling market. Eurex Repo members are based in twelve countries, among them Germany, France, Great Britain, Netherlands, Spain, and – since this week – in Malta.
"We welcome Mediterranean Bank and we are pleased that this Maltese bank recognizes the advantages of our business model comprising anonymous electronic trading, central clearing and efficient collateral management via Clearstream", said Marcel Naas, Managing Director of Eurex Repo. "The option to gain liquidity in and out of the market in an anonymous and efficient way is especially important in turbulent market conditions."
"Mediterranean Bank is proud to become the first Maltese participant of Eurex Repo. This leading pan-European marketplace will enable the bank to continue to develop and diversify its funding sources in conjunction with its growth in both the consumer and corporate market here in Malta", said Mark Watson, CEO of Mediterranean Bank.
The volumes in the secured money market GC Pooling and the Euro Repo market reached new record levels on 27 September 2011. GC Pooling achieved 164.4 billion euros average outstanding volume, whereas the Euro Repo market totaled 199 billion euros. The annual growth rate (CAGR) of GC Pooling has been at 78 percent since its launch in 2005. In the context of the GC Pooling services, Mediterranean Bank is going to use Clearstream for settlement, custody and collateral management services through its account at the international central securities depository in Luxembourg.