Repo and cash bond clearing

Your European route to cleared repo and cash bonds

Support your European trading and financing needs with repo and cash bond clearing, portfolio margin efficiencies, flexible collateral and settlement choices, and Sponsored Access for the buy side.

Support more of your European fixed income business

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

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Greater efficiency. More flexibility.

Optimise margin across your portfolio

Explore how our VaR-based risk model and cross-margining capabilities recognise offsets between eligible repo and cash bond positions, creating opportunities to reduce margin requirements.

Connect your trading, clearing and settlement

Access clearing through supported venues and brokers, including MTS, with a choice of supported CSDs and ICSDs. Build a route around where you trade and how you settle.

Put your collateral to work more flexibly

Choose from a broad range of eligible collateral to meet margin obligations. Triparty connectivity supports collateral allocation and mobilisation across your clearing activity.

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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.

Discuss your clearing needs

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.

Explore Sponsored Access 

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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. 

Greater flexibility

Participants require flexibility to optimise how they trade, clear and manage collateral.

Euronext Clearing supports a wide range of trading venues, brokers and settlement locations, enabling firms to align clearing with their existing infrastructure.

Participants benefit from:

  • Multi-venue, multi-broker connectivity - Clear trades executed across different platforms and counterparties without constraint
  • Flexible settlement options - Connectivity to both local and international CSDs, supporting preferred settlement models
  • Extended collateral eligibility - A broad range of eligible securities and currencies, enabling more efficient collateral allocation
  • Triparty connectivity - Integration with leading triparty agents including Euroclear, Clearstream, and BNY; enabling automated, real-time collateral management and mobility
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Enhanced Capital efficiency

Euronext Clearing is designed to deliver a more cost-efficient clearing model for repo and cash bonds

Our enhanced VaR-based risk framework is designed to reduce capital requirements and improve balance sheet efficiency.

Participants benefit from:

  • Lower margin requirements - Significant margin reduction compared to Euronext clearing's previous risk model
  • Cross-margining efficiencies - Margin offsets across correlated positions, reducing overall capital requirements
  • Optimised default fund contribution - Designed to minimise capital burden while maintaining robust risk management
  • Competitive and transparent pricing - A cost-efficient clearing model with attractive fee structures, including:

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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.