SIS SegaInterSettle says it has expanded its triparty repo service to include settlement in euro, US dollars and pounds sterling as well as Swiss Francs. The service is confined to the Swiss repo market.
In Switzerland, trading takes place via the Eurex Repo trading platform. Orders are transmitted as locked-in trades (irrevocable settlement instructions) to SIS, where they are settled and administered via the triparty repo service offered by the Swiss CSD.
SIS says it will use the same infrastructure and collateral for the additional currencies as it has been using for triparty repo services in Swiss francs. “All clients need to do to avail themselves of the new service is set up the corresponding foreign currency accounts with SIS,” says a spokesman for SIS in Zurich. “For the euro, they may alternatively use the euroSIC interface.”
The SIS SegaInterSettle triparty service includes risk management as well as settlement. The CSD calculates and values all open repo positions on a daily basis, and makes margin transfers automatically.