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HQLAx Market

HQLAx Market

Eurex Repo provides a single marketplace to provide access for participants to the HQLAx model by allowing non-anonymous trading of baskets vs baskets. Executed transactions will then be processed by HQLAx using Corda® distributed ledger technology (DLT) to digitally represent baskets of securities.

The HQLAx model creates a standardized post trade solution to help market participants redistribute liquidity more efficiently by improving interoperability for pools of collateral (HQLA and non-HQLA) residing in multiple, disparate settlement systems and locations, without the operationally onerous requirement to move securities across a fragmented securities settlement system.

Overview of content

Principles

The HQLAx model offers bilateral trading without the involvement of a central counterparty. It provides the possibility to negotiate the trade details individually.

Participants will need to maintain a relationship with HQLAx to obtain access to the distributed ledger and they need to be set-up with Clearstream International acting as the «Trusted Third Party» (TTP).

Terms

Participants can profit from unique possibilities to define the start and end date and time of transactions by selecting one of the following terms: Non-Standard, Non-Standard Open and Evergreen 22d. 

Available for trading in the HQLAx market of Eurex Repo F7.

 

Fee Model

  • No annual participation fee
  • Transaction based fee of 0,6bp
  • No minimum fee

Trading Hours

07.30 a.m. to 06.00 p.m. CET with trade settlement time 24hours on any business day (i.e. 00.00 a.m. on Monday till 24.00 p.m. on Friday)

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