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.
Multiple standard terms from overnight up to more than two years are offered.
In addition open, variable and open variable terms offer maximum flexibility.
* Variable/Floating Rates:
€STR = Euro Short-Term Rate
GCPION = STOXX GC Pooling EUR ON Index
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.
Eurex Clearing Margin Parameters, Margin Groups and Margin Class
The Eurex Clearing Margin Parameter, Margin Group association and Margin Class for each individual security is available on Eurex Clearing`s webpage. Please open the file "Margin Parameters for Bonds and Repos" which is updated on a daily basis.
Cloud Prisma Margin Estimator for Fixed Income Repo (Repo Cloud PME), individual and portfolios of single ISIN repos, by Eurex Clearing:
The service builds on the Cloud PME for ETD and OTC IRS, is free of charge and specifically tailored for end users who wish to estimate margin requirements for individual or whole portfolios of single ISIN repos. Repo Cloud PME is easy to use and is accessible via any web browser. Alternatively, a standard API connectivity is available.
In addition, Eurex Repo F7 users will be able to export their repo portfolio for simplified upload to the Repo Cloud PME from 29 Nov 2021.
Please note, open repos, floating rate repos and GC Pooling transactions are currently out of scope. Release of new features based on client demand.
Description of the Repo Cloud PME and webpage:
Market Status ⓘ
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.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.