Clearstream-360T Partnership Gets First Corporate Trade

A partnership between Clearstream and 360T completed its first tri-party trade involving a corporate.

The trade with easyJet as cash giver and Commerzbank as cash taker was conducted on Oct. 17 on the trading platform of 360 Treasury Systems, an independent trading venue, and settled via Clearstream. The trade effectively validates the partnership announced earlier in the year.

The Clearstream and 360T partnership gives corporates, hedge funds and asset managers access to Clearstream’s collateral management services as part of the Global Liquidity Hub offering. With the 360T trading platform as “front end” and Clearstream as settlement engine and as collateral management provider to securitize the transactions, the cooperation allows the matching of trading partners for triparty repo agreements, extending the Clearstream service to non-financials.

The partnership is part of a series of recent developments designed to facilitate easy and streamlined access to tri-party repo.

Philip Stewart, assistant treasurer, easyJet, says: “We took the decision to begin utilizing triparty repo due to the liquidity of the repo market and the fact that collateralized deposits are more secure, while also benefiting from the higher yields on offer for longer dated deposit terms. The Clearstream Repurchase Conditions offering and recent tie in with 360T were key differentiators.”

Stefan Lepp, head of Global Securities Financing and Member of the Executive Board of Clearstream, says: “We are delighted that we could attract a renowned institution like easyJet through this cooperation. Together with our partners, we will continue to expand our B2C service offering.”