Repo Markets in Europe: Role of Counterparty Clearing and Triparty Repos

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4 April 2011
Anshuman Jaswal


Repos are a vital tool for both central and commercial banks to manage liquidity in the financial system. In Europe, we have seen stronger volumes in the last two to three years, contrary to the decline in volumes in a number of asset markets.

In a new report, Repo Markets in Europe: Role of Counterparty Clearing and Triparty Repos, Celent examines the European repo market and its growth. Although the crisis has shaped the recent evolution of repo market, it continues to cement its position as the leading repo market globally.

The European repo market has shown tremendous resilience during the financial crisis. The turnover in the market fell to €4,633 billion in December 2008 but has recovered, reaching €6,979 billion in June 2010.

“The volumes of the leading electronic trading platforms have continued to grow in the last few years,” says Anshuman Jaswal, Celent Senior Analyst and author of the report. “Eurex’s Euro GC Pooling has become the standard for a timely and innovative product across the OTC market.”

This report looks at the various types of transactions in the European market and compares the levels of electronic trading and efficiency of the repo markets vis-à-vis some of the other product segments, such as interest rates and currency swaps. The report then provides a breakdown of the market in terms of the bilateral and triparty repos and also the geographical composition of collateral used. Separate chapters discuss central counterparty clearing and triparty repos in Europe. Finally, the report explores the level of liquidity, as well as main features of the leading electronic trading platforms in Europe, namely, ICAP, MTS, and Eurex.

The 34-page report contains 21 figures.

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