BNY said the transaction represents a major new route to market for its securities lending clients without the need to set up direct clearing membership.
Eurex now has 28 participants signed up to the repo partnership programme including JP Morgan, Deutsche Bank and Morgan Stanley.
Citi was the first US bank to offer client swap clearing through Eurex, and eight funds have joined Citi to use the service.
PGGM is the first pension fund manager to centrally clear repos at German exchange group Eurex.
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.