State Street Clears its First Repos in Europe at Eurex

State Street has chosen Eurex as the first clearing house outside the U.S. to trade and centrally clear repo transactions. The onboarding of one of the world’s largest custodian banks is another milestone for Eurex’s cleared repo markets. The first transactions have already been successfully executed. State Street has joined Eurex through its German subsidiary, State Street Bank International GmbH (SSBI). According to a story in MarketsMedia news, the power of multilateral netting will provide tangible risk management and collateral optimization benefits to State Street’s broad client base. Through its Eurex membership, State Street will be able to expand its European franchise and service offering. Eurex’s deep liquid and centrally cleared repo markets allow clients to trade repos with over 160 registered participants, including commercial and central banks, as well as government financing agencies and a broad range of supranational organizations. They help market participants to efficiently and securely raise or place cash against more than 13,000 domestic and international securities.