State Street executes first centrally cleared repo trades in Europe at Eurex
State Street has chosen Eurex as the first clearing house outside the U.S. to trade and centrally clear repo transactions. The onboarding of one of the world’s largest custodian banks is another milestone for Eurex’s cleared repo markets. First transactions have already been successfully executed.
State Street has joined Eurex through its German subsidiary, State Street Bank International GmbH (SSBI). The power of multilateral netting will provide tangible risk management and collateral optimization benefits to State Street’s broad client base. Through its Eurex membership, State Street will be able to expand its European franchise and service offering.
Frank Gast, Member of the Management Board of Eurex Repo, commented:
“We welcome State Street Bank International as a Trading and Clearing Member of Eurex Repo and Eurex Clearing. The opportunities in the European repo market are immense and Eurex is excited to facilitate SSBI’s growth with our centrally cleared and innovative offerings.”
Travis Keltner, Global Head of Repo and Alternative Financing Solutions at State Street, added:
“Eurex’s ample access to stable market liquidity significantly enhances State Street’s liquidity tool kit. With this membership, State Street can build upon the launch of this Eurex clearing foundation to further support our clients’ needs especially in capital efficient trading and clearing.”