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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 152 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 9,000 fixed income securities divided into 30 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.

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

Eligible list of securities

 
 

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.

 EURGBPFloating EUR
OvernightXX 
Tom Next / Tom 1W / Tom 2W / Tom 3W / Tom 1M / Tom OpenXX 
Spot 1W / Spot 1M / Spot 2MXXX
Spot Next / Spot 2W / Spot 3W / Spot 3M  /Spot 6M / Spot 9M / Spot 12M             XX 
Spot Open / Spot Open LCR30d                    XX 
Corp Next / Corp 1W / Corp 2W / Corp 1M / Corp 2M / Corp 3M                    XX 
Flex / Non Standard                    XXX
Flex Open / Non Standard Open                    XXX

More details can be found in the Basket Specifications

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

 * Settlement starts S-1 onwards
 ** Settlement within Clearstream or within Euroclear
 *** Settlement between Clearstream and Euroclear

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/Zug

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

 
 
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