LCH’s Repoclear adds Dutch, Austrian, Spanish government bonds

Rick Steves

“Investors value the combination of central clearing and settlement, enhancing safety and efficiency for European debt transactions.”

RepoClear has announced the extension of its settlement connections to investor CSDs.

RepoClear SA is LCH’s market-leading government bond cash and repo clearing service. Established in 1999 as a clearing service for French government securities and repo trades, the service has since added the Italian, Spanish, German and Belgian markets (2017).

In January 2019, RepoClear SA has extended its clearing services to eight additional Euro markets, namely: Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts, and Supranationals.

The new expansion enables members to settle:

  • Dutch Government bonds at Euroclear Netherlands
  • Austrian and Spanish Government bonds at Clearstream Banking Frankfurt

Supporting participants in having a centralised pool of assets

Corentine Poilvet-Clediere, Group Leader, Head of RepoClear, Collateral and Liquidity, LCH SA, said: “An open approach and customer choice remain central to our strategy and values as a clearing house, as such, it is LCH SA’s role to support our members’ settlement strategies whilst enabling them to benefit from RepoClear’s deep and diverse netting pool. We are thus delighted to continue to serve our membership in expanding its choice in settlement venues.”

Thilo Derenbach, Head of European Custody Products, Clearstream, said: “We have seen strong demand for Clearstream’s and LCH’s joint service for Belgian and French government bonds launched last year. Investors value the combination of central clearing and settlement, enhancing safety and efficiency for European debt transactions. Clearstream is excited to broaden this proposition as part of its extensive international network, strengthening connections between key players on the European T2S landscape for the benefit of our clients and the industry.”

Olivier Grimonpont, Global Head Product Management, Market Liquidity, Euroclear, said “With a broad range of European debt markets already cleared by LCH SA and settling in Euroclear, we are pleased to add the Dutch Government Bond market to this offering. Reaching this milestone is another step in our European access strategy to support participants in having a centralised pool of assets.”

Below, the full list of settlement venues connecting to RepoClear SA:

National Bank of Belgium (NBB) for the Belgian debt
Clearstream Banking (Frankfurt) for French, Belgian, Austrian, Spanish and German debts
Clearstream Banking Luxembourg for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
Euroclear France for French, Belgian, German and Spanish debts
Euroclear Netherlands for the Dutch debt
Euroclear Bank for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals
Iberclear for French,German and Spanish debts
Monte Titoli for Italian debt

RepoClear SA provides clearing services for cash bond and repo transactions traded bilaterally among financial institutions and executed on the following trading venues:

Trading Platforms: Euro-MTS, MTS-France, MTS Italy,
MTS Associated Markets, CME
(BrokerTec), TP Repo (TP ICAP) and Tradeweb
Trade Matching: ETCMS – Euroclear Trade Capture and Matching System (Euroclear’s matching system)

These transactions are processed by RepoClear SA and are settled by:

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