Repo and cash bond clearing

Your European route to cleared repo and cash bonds

Clear repo and cash bonds across European government and supranational debt markets, with portfolio margin efficiencies, flexible collateral and settlement choices, and Sponsored Access for the buy side.
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Support more of your European fixed income business

Clear repo and cash bond transactions across European government and supranational debt markets. Align your clearing arrangements with the bonds you trade, the portfolios you finance and the markets your clients need.

Dealers can explore direct clearing membership. Buy-side firms can access cleared repo through a sponsoring member.

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Greater efficiency. More flexibility.

Optimise margin across your portfolio

Benefit from cross-product margining across repo and cash bonds. Assess how offsets between your positions could reduce margin requirements and the collateral committed to clearing.

Connect trading, clearing and settlement

Clear through supported venues and brokers, including MTS, with a choice of local CSDs and ICSDs. Align your clearing route with where you trade and how you settle.

Use collateral more flexibly

Manage collateral through triparty services. Sponsored Access participants can meet 100% of initial margin, including intraday calls, with securities, subject to collateral criteria and haircuts.

 

Expand access to cleared repo

Participate through a sponsoring member without direct clearing membership. Sponsored Access offers indemnified and non-indemnified models, with no additional Sponsored Access margin buffers or mandatory backup agent.

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Support your trading and client financing business

Your bond inventory, repo positions and client financing needs are connected. Explore how clearing repo and cash bonds together could improve portfolio margin efficiency, with collateral and settlement choices that support your activity.

Speak to our team about the fit for your repo, securities financing or prime brokerage business.

Make your choice of clearing house an informed one, not a default.

If cleared repo is becoming part of your activity as a buyside firm, your choice of clearing house deserves a place in that conversation.  

How you assess margin requirements, use your collateral and manage your obligations - and what your firm takes on operationally - matters.

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Clear eligible cash bond and repo activity traded on MTS through Euronext Clearing’s common infrastructure, across an expanded range of European government and supranational bonds. Bringing related positions together can support cross-margining opportunities and more efficient use of collateral.

Our updated VaR-based risk model and cross-product netting opportunities s across eligible repo and cash bond positions can help reduce margin requirements and optimise your use of collateral; freeing up HQLA to support other business priorities.  

Broader collateral and currency options give you more choice in meeting your obligations. Triparty services help automate collateral management, while flexible settlement through international and domestic central securities depositories supports your operating arrangements. 

Eligible buy-side firms can establish a direct CCP relationship without becoming full clearing members, while dealers can extend their client offering as Sponsoring Agents. Indemnified and non-indemnified models provide a choice of access arrangements, with eligible securities accepted for 100% of initial margin requirements, including intraday calls. 

A clearing model built for the evolving repo and cash bond market

A pan-European repo and cash bond clearing offering designed to support the evolving structure of the market; expanding coverage, improving capital efficiency and enabling broader participation. 

By combining deep trading liquidity, flexible clearing and settlement, and advanced collateral management within a single framework, Euronext Clearing delivers a more connected, efficient and resilient approach to repo and cash bonds.