Established in July 2001, the Repo Market offered by Eurex Repo GmbH has developed tremendously and is now a highly liquid market for European securities. As of January 2021 more than 150 international participants benefit from anonymous trading and clearing through a central counterparty with low costs.
In the General Collateral (GC) Repo segment, collateral can be turned into cash swiftly and directly, while the Special Repo segment offers a market for single securities financing.
Repo Market participants can trade repos with a wide range of around 10,500 fixed income securities divided into 33 different baskets. In both segments, the General Collateral (GC) and the Special Repo segment, collateral can be turned into euro or pound sterling swiftly and anonymously with low risk through a central counterparty.
In the GC Repo segment, the manual allocation of single securities after the conclusion of a basket trade enables a selective collateralization directly via the trading screen.
The market offers securities such as:
All securities of the various baskets can be traded in the Special segment as well.
Banks provide binding quotes for maturities ranging from overnight up to more than two years. In addition open, variable and open variable terms offer maximum flexibility.
Tom Next / Tom 1W / Tom 2W / Tom 3W / Tom 1M / Tom Open
Spot 1W / Spot 1M / Spot 2M
|Spot Next / Spot 2W / Spot 3W / Spot 3M /Spot 6M / Spot 9M / Spot 12M|
|Spot Open / Spot Open LCR30d|
|Corp Next / Corp 1W / Corp 2W / Corp 1M / Corp 2M / Corp 3M|
|Flex / Non Standard|
|Flex Open / Non Standard Open|
More details can be found in the Basket Specifications.
Open Order Book
The quote book contains all quotes entered by the participants with full market depth. The quotes are displayed per term/collateral combination including volume. All quotes are legally binding and will be automatically deleted at market close. Eurex Repo does not offer an automatic matching. The traders have to lift or hit a quote proactively. In addition to entering quotes two participants may agree on a trade bilaterally and enter the repo transaction into the system by using the pre-arranged trading functionality.
Minimum EUR, GBP 1 Million for GC Repo
Minimum EUR, GBP 500'000 for Special Repo
Pre-trading phase: 07:00 - 07:30 Frankfurt am Main time
The Repo Market ensures straight-through processing with automated connectivity to Eurex Clearing AG as central counterparty and the settlement organizations Clearstream Banking and Euroclear.
As soon as a repo transaction is concluded on the electronic Eurex Repo trading system, Eurex Clearing steps in as legal counterparty (CCP). Due to the anonymous trading through the CCP the participants do not have any legal relationship and bilateral risk with another bank.
Eurex Clearing performs e.g. the delivery management and the intra-day risk evaluation of all positions held by a participant. A comprehensive reporting informs the participant about the status of delivery activities and the margin requirements. On the settlement day Eurex Clearing sends the settlement instructions on behalf of the participants to Clearstream or Euroclear. Both settlement organizations provide reports on the settled cash and collateral.
The applicant may apply for a General-Clearing or Direct-Clearing-Membership. The General Clearing Member (GCM) has the right to clear its own trades as well as the trades of its customers and Non Clearing Members (NCMs). The Direct Clearing Member (DCM) has the right to clear its own trades as well as the trades of its customers and NCMs provided they are affiliated.
Institutions and/or its branches which are permitted in its country of domicile to provide credit to customers in relation to the matching of orders or quotes and receive collateral from customers in the form of securities and cash may apply for admission.
In addition the Clearing Member must fulfill the following requirements:
Settlement and pledging of Securities:
Once a company becomes a participant, Eurex Repo does not limit the number of registered persons on its behalf.
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