LCH RepoClear SA

RepoClear SA is LCH’s market-leading government bond cash, repo trade and €GCPlus triparty basket 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 extended its clearing services to eight additional Euro markets, namely: Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals.

We remain committed to building out our product suite with our market partners, ensuring that RepoClear SA continues to occupy its important role in European clearing.

€GCPlus triparty basket repo market enables members to pool general collateral trades of highly rated sovereign debt and agency issuers, as well as other investment-grade bonds that meet eligibility criteria from standardised baskets of debt. It also enables members to increase their capital and operational efficiencies and better manage their euro cash liquidity – which is especially important given the ongoing impact of regulatory capital requirements.

RepoClear SA provides clearing services for cash bonds, repos and €GCPlus triparty basket 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 & BrokerTec Quote), TP Repo (TP ICAP), Tradeweb, Dealerweb and GLMX
• Trade Matching: ETCMS – Euroclear Trade Capture and Matching System (Euroclear’s matching system)

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

• 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 – and triparty basket repo
• Euroclear Netherlands for Dutch debt
• Euroclear Bank for German, Austrian, Dutch, Finnish, Irish, Portuguese, Slovakian, Slovenian debts and Supranationals – and triparty basket repo
• Iberclear for French, German and Spanish debts
• Euronext Securities Milan for Italian debt

LCH SA and Euronext Clearing have an agreement under which LCH SA and Euronext Clearing provide clearing services for Italian government bond transactions executed on the MTS S.p.A. and BrokerTec platforms. These trades are settled by Euronext Securities Milan.