LCH.Clearnet S.A.’s new general collateral clearing service for the Tri-Party Repo market, €GCPlus, has cleared its first transactions. Launched in collaboration with Euroclear and the Banque de France, the service enables fixed income trading desks, treasurers and other market participants to efficiently manage European Central Bank eligible collateral and generate liquidity in a cleared environment, while benefiting from balance sheet netting and capital efficiencies.
Accessible via several leading e-platforms, participants can re-use the eligible collateral received either with the Banque de France or with any of the 230 collateral takers on Euroclear’s collateral management system.
Christophe Hémon, Chief Executive Officer, LCH.Clearnet SA, said: “These first €GCPlus cleared trades represent an important step forward for fixed income clearing members. Participants now have access to a large set of liquidity providers using Euroclear collateral management tools which significantly increases efficiencies for the capital markets. We would like to thank all those involved for their commitment and collaboration in bringing this vital service to the market.”