Frankfurt/Main, October 19, 2004
Ten new participants active/ Euro GC Pooling launch date set for March
The electronic repo markets of Eurex continue to growth. Eurex Repo, the electronic repo market of the worlds largest derivatives exchange, Eurex, ended Q3 with strong figures. The average outstanding volume in Q3 - the key figure for repo markets - was up 30 percent on the same quarter of last year, rising to 60 billion euros (US$ 75 billion).
The strongest performer was the Swiss Franc Repo Market, reaching an outstanding volume of 42.6 billion euros (US$ 53.25 billion) in the third quarter, or an increase of 31 percent (32.5 billion euros)(US$ 40.62 billion) compared with Q3 of last year. The Euro Repo Market grew by 23 percent to 16.6 billion euros (US$ 20.75 billion)(Q3 2003: 13.5 billion euros (US$ 16.88 billion)). An outstanding volume of 70.7 billion euros (US$ 88.38 billion)in June 2004 was a new record daily volume for Eurex Repo, 23.2 billion euros (US$ 29 billion) of which was accounted for by the Euro Market, and 47.5 billion euros (US$ 59.38 billion) by the Swiss Franc Market.
Eurex Repo has attained ten new participants since October last year. The number of global banks in particular has increased dramatically, with 154 banks from 9 different countries now admitted for trading on Eurex repo markets. These companies come from Austria, Belgium, France, Germany, Lichtenstein, Luxembourg, the Netherlands, Switzerland, and the UK. The number of participants in the Euro Repo Market has risen from 25 banks last October
to 35. The Swiss Franc Repo Market now includes 119 banks as active members.
In addition, Eurex Repo has announced the launch of its new product, Euro GC Pooling®. Euro GC Pooling offers short term collateralized funding and collateral management. With the new product, Eurex Repo, together with Eurex
Clearing AG, and Clearstream Banking AG, offers cash-driven, international trading of a general collateral basket with over 9,000 ECB eligible securities. With Euro GC Pooling, Eurex Repo will raise efficiency in the trading and collateral management of secured money market transactions, and to help participants optimize in terms of collateral management. Euro GC Pooling will be available to Eurex Repo participants in March 2005.
Euro GC Pooling is a fully-integrated trading, clearing, settlement and collateral process, executing secured liquidity management with same-day payment and delivery (Overnight), for the first time on the repo market. Moreover, a new type of Euro GC Pooling contract, tailored to the specific settlement terms for the weekly open market tenders of the European Central Bank, will provide efficient management of collaterals and liquidity