Major investment banks including Citigroup and JP Morgan sign up to use the Eurex clearing profit scheme for repo as Brexit looms.
The trade marks the end of a nine-month journey for PGGM after it signed up as the first buy-side clearing member of Eurex’s securities lending CCP.
Morgan Stanley and Dutch Pension fund PGGM are in the final stages of testing to become the first to use the EquiLend Clearing Services connectivity to access Eurex Clearing’s securities lending CCP.
Eurex Clearing recently recorded notional outstanding exceeding €5 trillion for cleared interest rate swaps.
The addition of PGGM as its first buy-side member could significantly increase cleared securities lending volumes.