eTriParty

Eurex Repo GmbH offers an electronic trading solution for bilateral repos with standardized baskets and open quote book. Executed trades will then be collateralized by Clearstream's Global Liquidity Hub.

The standardization of the bilateral Triparty Repo Market (eTriParty) allows participants to efficiently initiate transactions and benefit from straight-through-processing of Deutsche Börse Group.
 

Principles

Principles

eTriParty offers bilateral secured funding transactions without the involvement of Eurex Clearing as central counterparty (CCP). It provides an open order book and in addition the possibility to negotiate the trade details individually.

Although the participants need a bilateral account set-up within the Clearstream Banking's collateral management system, they are set-up with the same standardized baskets and currencies.

Specifications

Specifications

Standardized baskets

Three fixed income and one equity basket

Cash currencies

EUR, USD, CHF, GBP, AUD, CAD, JPY, DKK

Terms

Multiple standard terms from overnight until two years are offered: OverNight, TomNext, SpotNext, SpotTerm, FlexTerm

Contract Size

Minimum EUR, USD, CHF, GBP, AUD, CAD, JPY, DKK  1 Million

Trading Hours

Trading hours

07:30 - 18:00 CET

Cut-off times for Overnights:

CAD

    18:00 CET                        

CHF

    12:00 CET

DKK

    12:00 CET

EUR

    14:15 CET

GBP

    14:30 CET

USD

    18:00 CET

No Overnight trading in AUD and JPY.

Trading Fees

Fee model

  • No transaction fee for cash providers
  • Transaction fee for cash takers: 1bp
  • Annual fee of EUR 12.000 unless an existing Eurex Repo participant

Market Concept

Market Concept

eTriParty ensures straight-through-processing with connectivity to Clearstream Banking S.A. for collateral management.

It is a bilateral secured funding market with a full set of re-use possibilities to e.g. GC Pooling, Eurex Margining and other Clearstream services of the Liquidity Hub.

As soon as the trades are concluded, Eurex Repo sends the settlement instructions to Clearstream Banking S.A. for collateral management. Among others Clearstream ensures the securities valuation, eligibility check, margin monitoring and delivery versus payment (DVP) settlement. During the term of a trade, it is possible to substitute securities.

Eurex Repo and Clearstream Banking S.A. provides a comprehensive reporting from the trade until settlement reporting.

Clearing Services

Eurex Clearing AG provides a complete set of clearing and risk management services for leading exchanges and marketplaces.

Participation

Participation

Eurex Repo participants can leverage the existing trading infrastructure and benefit from a fast lane admission.

Customers who are not admitted at Eurex Repo yet, have to fulfill the following legal requirements:

  • Credit institution or an investment firm according to the definition set forth in Art. 1 Paragraph 1 and 2 and Art 4 Paragraph 1 of the Council Directive on markets for financial instruments 2004/39/EC (“MiFID”)
  • Domiciled in a member state in the European Union, EEA or in Switzerland
  • Subject to a financial market supervisory authority
  • Become a customer of Clearstream Banking S.A. and its collateral management services

and the following technical requirements:

  • Web-based access to the Trading Architecture Eurex Repo’s F7 via the network of Deutsche Börse Group

The F7 trading system is a browser based GUI solution which does not require any maintenance effort by the Eurex Repo participant. All data traffic will take place by use of x509 certificates.

Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

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