Euronext launches European repo clearing expansion
WHY IT'S IMPORTANT:
Euronext, which already offers clearing for repo agreements in Italian government bonds, said its "Repo Foundation" initiative would expand to include French, German, Dutch, and Belgian government bonds in the third quarter, and then Austrian and Finnish government bonds in the fourth quarter of this year.
For the first time, international firms can join the platform — either through existing Euronext connections or as repo-only participants.
A repo, or repurchase agreement, is a type of short-term loan for dealers in government debt.
In a repo, one party sells an asset to another party at one price and commits to repurchase the same or another part of the same asset from the second party at a different price at a future date or on demand. If the seller defaults during the life of the repo, the buyer can sell the asset to a third party to offset its loss.
KEY QUOTE:
"The Repo Foundation is the first phase of our wider Repo Expansion Initiative — a multi-year strategy to deliver a fully integrated, pan-European clearing model," said Anthony Attia, global head of derivatives and post-trade at Euronext.
"With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo," he said.
The International Capital Markets Association (ICMA) estimates the total value of the European repo market at around 10.86 trillion euros ($12.8 trillion).
($1 = 0.8506 euros)
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