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Repo Market

Repo Market

Established in July 2001, the Repo Market has developed tremendously and is now a highly liquid market for European securities. In November 2017 more than 143 international participants benefit from anonymous trading and clearing through a central counterparty with low costs.
In the General Collateral (GC) Repo segment, collateral can be turned into cash swiftly and directly, while the Special Repo segment offers a market for single securities financing.

Overview of content

Principles

Repo Market participants can trade repos with a wide range of around 5,000 fixed income securities divided into 27 different baskets. In both segments, the General Collateral (GC) and the Special Repo segment, collateral can be turned into euro or pound sterling swiftly and anonymously with low risk through a central counterparty.

Baskets of the Repo Market

Various standardized baskets of fixed income securities fulfill the customers' need.

 
The manual allocation of single securities after the conclusion of a basket trade enables a selective collateralization directly via the trading screen.

The market offers securities such as:

  • European Government Bonds
  • Jumbo-Pfandbriefe and Pfandbriefe
  • KfW/Laender Bonds
  • European Covered Bonds
  • Agency Bonds
  • European Corporate Bonds

All securities of the various baskets can be traded in the Special segment as well.

Terms

Banks provide binding quotes for maturities ranging from overnight up to more than two years. In addition open, variable and open variable terms offer maximum flexibility.

Standard Terms:
OverNight, TomNext, SpotNext, TomOpen, Spot Open, Corporate Next (CN), T1W, C1W, Spot1W, Spot2W, Spot3W, Spot1M, Spot3M, Spot6M, Spot9M, Spot12M, Spot1WE VAR, Spot1M VAR, VAR Flex, VAR Open, Non-Standard

Open Order Book

The quote book contains all quotes entered by the participants with full market depth. The quotes are displayed per term/collateral combination including volume. All quotes are legally binding and will be automatically deleted at market close. Eurex Repo does not offer an automatic matching. The traders have to lift or hit a quote proactively. In addition to entering quotes two participants may agree on a trade bilaterally and enter the repo transaction into the system by using the pre-arranged trading functionality.

Trading Hours

Pre-trading phase: 07:00 - 07:30 CET
Main trading phase: 07:30 - 18:00 CET

Overnight Repo external (Settlement between Clearstream and Euroclear): 14:45 CET
Overnight Repo internal (Settlement within Clearstream): 15:15 CET
Overnight Repo internal (Settlement within Euroclear): 15:15 CET

Contract Size

Minimum EUR, GBP 1 Million for GC Repo
Minimum EUR, GBP 500'000 for Special Repo

Trading Fees

  • No admission fees
  • Minimum transaction fees of EUR 800/month
  • Annual and transaction fees according to the below listed fee group

For more information

Eurex Repo | Sales & Relationship Management

Frankfurt/London/Paris/Zurich

T +49 (0)69 2 11-1 40 40

 
 
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