SIX Securities Services has strengthened its tri-party offering with the addition of US equity and fixed income securities for financing on its CO:RE repo trading platform.
It is hoped the addition will enhance SIX’s existing equity financing portfolio as well as boosting its SIX Repo business unit’s on demand service, allowing the financing of any combination of tailored baskets.
According to SIX, the widened securities offering has been made in response to increasing demand for US securities to be made available for financing purposes among European banks and other financial institutions.
The securities will be available for financing cross-currency or same currency, with SIX offering 14 currencies for repo transactions.
”We welcome the wider range of the accepted collateral universe on the SIX trading and tri-party platform,” said Ueli von Burg, head of cash and collateral trading and management at Zürcher Kantonalbank
“This is another push in the right direction that adds value to market participants and will generally enhance market liquidity.”
The move is the latest expansion for SIX Repo’s core trading platform following the addition of two European equity index baskets earlier this month.
SIX Repo added the CAC 30 and FTSE 100 for equity repo financing to its CO:RE trading platform for tri-party counterparties at the beginning of May.
“The need to provide a broader range of collateral for refinancing on the CO:RE trading platform already plays an important international role in the interbank market and naturally we want to meet the needs of our clients with this product basket expansion and enhancement,” said Nerin Demir, head of SIX Repo.