London Clearing House (LCH), operators of the RepoClear central counter-party netting service for the European repo markets, has sought to boost liquidity by offering firms with insufficient volumes to justify full membership the option to clear via a larger member.
Today, Dresdner Bank’s London branch claimed to have acted as the RepoClear member for the first external third- party client introduced to the market.
Since January this year, Dresdner Bank AG London Branch has been providing technical third-party RepoDealer services for clients within the Dresdner Bank Group.
“Our customers require a fully integrated service across all asset classes covered by the London Clearing House (LCH) and, as such, it is our intention to fully implement these services as quickly and as accurately as possible working in partnership with the LCH,” explains Alex Wilkinson, Managing Director, Listed Products Group, Dresdner Bank AG London Branch.
“LCH RepoClear welcomes the extension in the use of third-party clearing service and the provision of innovative clearing solutions such as this by Dresdner Bank,” says John Burke, Director, LCH RepoClear. “This service refinement highlights the increasing importance of LCH RepoClear in the European capital market and cements its position as the pre-eminent central counter-party in Europe for fixed income securities.”
The trade actually took place on 12 July.