GC Pooling Market

Launched in March 2005, GC Pooling offered by Eurex Repo GmbH has become a highly liquid market for secured funding in EUR, USD, CHF and GBP. The international participants benefit from anonymous electronic trading through a central counterparty (CCP) with a real-time collateral management system.
 

Principles

Principles

It is easy to trade extremely large tickets and deals can be seamlessly completed and then processed automatically without any issues over credit or security allocation.

The compelling advantage of GC Pooling is the re-use possibility of received collateral for further money market transactions, the Eurex Clearing Margining process and refinancing within the framework of European Central Bank (ECB) open market operations provided the bank has a German banking license.

GC Pooling Market participants can select the various standardized baskets by pre-defined terms per currency.

Baskets of the GC Pooling Market

Standardized baskets of fixed income securities and equities tradable in EUR, CHF, USD and GBP.
Click here

Specifications

Terms

Multiple standard terms from overnight until more than two years are offered:
OverNight, TomNext, SpotNext, SpotTerm, FlexTerm, Open, Variable and Open/Variable terms.

The repo interest rates of the Variable and Open/Variable terms may reference to the STOXX GC Pooling EUR ON Index, STOXX GC Pooling EUR Extended ON Index, STOXX GC Pooling EUR TN Index, GC Pooling EUR SN Index or EONIA.

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.

Contract Size

Minimum EUR 1 Million

Settlement Specifications

Terms

Trade day

Settlement front leg

Settlement term leg

EUR GC Pooling OverNight (ON)

T

T via RTS

T+1 in SDS1

EUR GC Pooling Tomorrow Next (TN)

T

T+1 in SDS1

T+2 in SDS1

EUR GC Pooling SpotNext (SN)

T

T+2 in SDS1

T+3 in SDS1

EUR GC Pooling Spot Term

T

T+2 in SDS1

T+X in SDS1

EUR GC Pooling Flex Term

T

T+X in SDS1

T+Y in SDS1

USD GC Pooling Tomorrow Next (TN)

T

T+1 in RTS

T+2 in RTS

USD GC Pooling SpotNext (SN)

T

T+2 in RTS

T+3 in RTS

USD GC Pooling Spot Term

T

T+2 in RTS

T+X in RTS

USD GC Pooling Flex Term

T

T+X in RTS

T+Y in RTS

CHF GC Pooling Tomorrow Next (TN)

T

T+1 in RTS

T+2 in RTS

CHF GC Pooling SpotNext (SN)

T

T+2 in RTS

T+3 in RTS

CHF GC Pooling Spot Term

T

T+2 in RTS

T+X in RTS

CHF GC Pooling Flex Term

T

T+X in RTS

T+Y in RTS

RTS = Real Time Settlement; SDS1 = Same Day Setttlement

Trading Hours

Trading Hours

Trading Fees

Trading Fees

  • No admission fees
  • Minimum transaction fees of EUR 800/month
  • Annual and transaction fees according to the below listed fee group

"Aggressor": Participant who lifts or hits quotes. "Non-Aggressor": Participant who actively quotes.

Market Concept

Market Concept

The GC Pooling Market ensures straight-through processing with automated connectivity to Eurex Clearing AG as central counterparty and the settlement organization Clearstream Banking. As soon as a GC Pooling transaction is concluded on the electronic Eurex Repo trading system, Eurex Clearing steps in as legal counterparty (CCP).

Eurex Clearing performs e.g. the delivery management and the intra-day risk evaluation of all positions held by a clearing member. A comprehensive reporting informs the clearing member about the status of delivery activities and the margin requirements. On the settlement day Eurex Clearing sends the netted settlement instructions on behalf of the customers to Clearstream Banking for settlement. Within the delivery versus payment process, the collateral management system of Clearstream Banking automatically allocates collateral of the traded basket to secure the cash trade. A real-time substitution of single bonds or equities is possible during the term of the trade.

Clearing Services

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

Participation

Participation

  • The applicant must be under the regulation of a domestic regulatory Authority
  • The applicant must be a credit institution or an investment firm according to the definition set forth in Art. 1Paragraph 1 and 2 and Art 4 Paragraph 1 of the Council Directive on markets for financial instruments 2004/39/EG ("MiFID")
  • The applicant is responsible for the technical connection to the Eurex Repo trading system
  • The applicant is required to follow the Eurex Clearing clearing process
    • Directly: As a Clearing Member of Eurex Clearing
    • Indirectly: By signing an agreement with an existing Clearing Member


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:

  • Minimum amount of liable equity capital
  • Clearing fund contribution
  • Cash Clearing: RTGS eligible account

Settlement and pledging of Securities:

  • Securities deposit: at Clearstream Banking
  • Pledged Securities Account: at Clearstream Banking Frankfurt or SegaInterSettle

Once a company becomes a participant, Eurex Repo does not limit the number of registered persons on its behalf.


GC Pooling Participant List

Credit Suisse International joined the GC Pooling market as of 18.08.2020.

For more information

Eurex Repo | Sales & Relationship Management

Frankfurt/London/Paris/Zug

T +49 (0)69 2 11-1 40 40

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.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.