BrokerTec, a top company in the field of electronic trading platforms and technology services for the fixed-income markets, announced an upgrade for its relationship with LCH RepoClear. This upgrade allows customers a quicker way to clear Euro-denominated securities through BrokerTec Quote, the dealer-to-client request for quote (RFQ) Repo trading system.
BrokerTec Quote customers can now use a new system to make transactions with the euro currency. It’s called Sponsored Clearing and it will make it easier to trade through a central counterparty like LCH RepoClear. With Sponsored Clearing, buyers can become members of LCH RepoClear and deal with the seller of their choice through an agent.
BrokerTec and LCH RepoClear have joined forces to give Sponsored Clearing of Gilt Repo on BrokerTec Quote, a service that they already offer.
Global Head of BT, John Edwards, said:
We’re delighted to further extend our collaboration with LCH to enhance BrokerTec Quote by offering clients new efficiencies in trading Euro-denominated securities. This improved functionality for existing and new clients will help further accelerate trading opportunities on BrokerTec Quote, our rapidly growing bilateral, relationship-driven alternative execution service to our market leading central limit order book for Repo transactions.
COO Repoclear, Collateral and Liquidity Management, LCH SA, Emmanuel Rolland, said:
We are pleased to expand our partnership with BrokerTec and further extend the LCH RepoClear Sponsored Clearing ecosystem. With this collaboration, the buyside is able to gain greater access to LCH RepoClear, the largest liquidity pool for cleared Euro-denominated government bonds, whilst banks can benefit from netting opportunities thus alleviating their resource management pressures.
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