Principles

Eurex Repo is one of the most successful electronic markets for European securities with anonymous trading through a central counterparty. All connected participants benefit from a huge variety of products, fast execution and zero regulatory cost.

A market for all

The electronic Euro Repo Market is open for all interested financial institutions who fulfil the Trading and Clearing Admission. Please click for the current participant list.

Trading hours

Pre-trading phase: 07.00 a.m. - 07.30 a.m.
Main trading phase: 07:30 a.m. to 06:00 p.m. CET

Cut-Off Time for Overnights

Overnight Repo external (Settlement between Clearstream and Euroclear): 10:30 a.m. CET
Overnight Repo internal (Settlement within Clearstream): 15:30 a.m. CET
Overnight Repo internal (Settlement within Euroclear): 15:30 a.m. CET

Terms

Standard Terms
ON, TN, TomOpen, SN, Spot Open, CN, T1W, C1W, 1W, 2W, 3W, 1M, 2M, 3M, 6M, 9M, 12M, MAR, JUN, SEP, DEC,
Spot "VAR 1 WE", Spot VAR 1M", "VAR Flex", VAR OPEN", Non Standard

Contract Size

Minimum EUR 1 Million for GC Repo
Minimum EUR 1 Million for Special Repo

Specifications



German GC Basket	Debt securities of the Federal Republic of Germany
German 10 Years GC Basket	Debt securities of the Federal Republic of Germany with a remaining term up to 10 years
European Government GC Basket	Government bonds of the following countries: Belgium, Finland, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, Austria, Spain.
German Corporate Bond GC Basket	Covered or uncovered debt securities of German issuers which are denominated in Euro as well as uncovered debt securities of German financial institutions denominated in Euro. With a minimum issue volume of EUR 100 million and a rating of A or better.
European Corporate Bond GC Basket	Covered and uncovered debt securities of European issuers denominated in Euro, uncovered debt securities of European financial institutions as well as covered and uncovered Euro bonds denominated in Euro of European issuers. With a minimum issue volume of EUR 100 million and a rating of A or better.
German Pfandbrief GC Basket	Pfandbriefe of German issuers, with a issue volume of EUR 100 million - 1 billion and a rating of A or better
German Jumbo Pfandbrief GC Basket	Jumbo Pfandbriefe of German issuers and Asset Covered Securities, with a minimum issue volume of EUR 1 billion and a rating of AA or better
European Covered Bond GC Basket	Cédulas Hipotecarias or Territoriales, Obligatión Foncière, UK covered bonds and covered bonds of Kommunalkredit AG and BAWAG P.S.K., with a minimum issue volume of EUR 500 million and a rating of AA or better
German GC KFW/Länder Basket	Issued by public authorities (Länderanleihen)or Kreditanstalt für Wiederaufbau
Agency GC Basket	Debt securities of the European Investment Bank(EIB) and Caisse d'Amortissement de la Dette Sociale (CADES)
Euro GC Pooling Basket	Based on the ECB Eligible Assets Database (EAD approximately 8.000 Government bonds, Agencies and covered bonds from AT, BE, DE, IT and NL and Eurobonds (XS ISINs)

Open Order Book

All quotes are binding. Participants can use the Fill-or-Kill trading restriction. All orders and quotes will be automatically deleted at market close.

Trading Fees

No admission fees
Annual and transaction fees according to the below listed fee group


Trading Fees	Liquidity Provider I		Liquidity Provider II		Liquidity Taker
	Non-Agg.	Aggressor	Non-Agg.	Aggressor	Non-Agg.	Aggressor
Min. Fee per Trade in €	5.00	5.00	5.00	5.00	10.00	10.00
Overnight/Tom Next in BP	0.1	0.6	0.4	0.6	0.6	0.6
Other Terms in BP	0.1	0.3	0.2	0.3	0.3	0.3
Annual Fixed Fee in €	100'000.-		25'000.-		10'000.-
Clearing Fees in basis points p.a.			0.3

"Aggressor": Participant who lifts or hits quotes.

"Non-Aggressor": Participant who actively quotes.

A screen on your PC

The "Collateral Overview" assists dealers in gaining a sense of the collateral structure, and is primarily used by Special traders.

The "Term Overview" assists dealers in gaining a sense of the term structure, and is primarily used by GC traders.