LCH.Clearnet’s new RepoClear Sterling GC product hit a number of new trading records in September, including reaching a record high outstanding balance of Ј44 billion.
RepoClear Sterling GC, which was launched in March, offers sterling money market participants the opportunity to trade sterling on a secured basis against a basket of UK government bond collateral.
“The increase in the outstanding balance for the RepoClear Sterling GC product to Ј44 billion is very encouraging and we believe that the product, which was designed in conjunction with the sterling repo market community, provides an important mechanism for banks to manage their sterling exposures. The increased activity in the RepoClear Sterling GC product bodes well for the future success of the equivalent Euro-denominated product (RepoClear EuroGC) that is currently being built and is expected to go live in the second quarter of 2008,” says John Burke, director of LCH.Clearnet’s fixed income business.