SecLend Market

Eurex Repo GmbH offers a unique securities lending & borrowing (SLB) market with straight-through processing (STP) from trading to settlement and the integrated service of Eurex clearing as a central counterparty. The electronic trading is not anonymous in the SecLend Market. However, Eurex Clearing becomes involved in the transaction as the CCP directly after it has been concluded.
 

Principles

Principles

Collateral Trading

Broad variation of trading behaviour: private, semi-private and public quotes with access to a large market of European shares, ETFs and bonds.

Fully integrated Value Chain

Straight Through Processing (STP) from trading to settlement. Traders can monitor the loan in real-time at all times, no manual intervention needed. Central clearing (novation) and risk management via Eurex Clearing.

Crossborder Settlement to major I-CSD's and CSD's

For Equities as loan securities, Central Securities Depositories (CSDs) act for home market settlement. Fixed Income loan securities are settled via the International Central Securities Depositories (ICSDs). For non-cash collateral a membership of a tri-party collateral agent (Clearstream Banking Luxembourg or Euroclear Bank) is mandatory.


Definition of CCP eligible instruments

On a daily basis, we inform you which transactions or underlying securities are included in our CCP clearing service.
Click here

For more information

Eurex Repo | Sales & Relationship Management

Frankfurt/London/Paris/Zug

T +49 (0)69 2 11-1 40 40

Specifications

Minimum Trade Size

The minimum trade sizes for the respective financial instruments tradeable on SecLend Market are as follows:

Instrument Type

Min. Trade Size

Equities

1 Piece

Bonds

1000 Nominal


Settlement

  • Equities: via home market Settlement: Clearstream Banking Frankfurt (CBF), SIX SIS AG, ESES, EUI
  • Fixed Income: Clearstream Banking Luxembourg, Euroclear Bank



Trade Entry Cut-Off Times on Same Day Loans

Trading Hours

Trading Hours

07:30 a.m. to 6:00 p.m. CET (supported 07.00 a.m. to 07.30 p.m. CET).

Trading Fees

Trading Fees

SecLend Market CCP

Fee per lending trade (in bp)

1,00

Min. fee per trade in EUR

10,00

Fee for trade modifications in EUR

10,00

Annual fee in EUR

12'000.-

Market Concept

Market Concept

The SecLend Market with CCP ensures straight-through processing (STP) from trading to settlement and the integrated service of Eurex Clearing as a central counterparty.


Clearing Services

Eurex Clearing provides a complete set of clearing and risk management services for leading exchanges and marketplaces.


For more information

Eurex Repo | Sales & Relationship Management

Frankfurt/London/Paris/Zug

T +49 (0)69 2 11-1 40 40

Participation

Participation

Advantages for Participation

  • Discretionary market visibility, increased trading speed, reduced operational and systemic risk, reduced reconciliation effort, corporate action service included
  • Reduction of counterparty risk exposure
  • Elimination of multiple credit evaluations
  • Significant reduction in capital allocation (Basel II / Basel III)
  • Access to all other Eurex Repo securities funding and financing markets within the same infrastructure

Participation Requirements

A Participation Authorization can be granted for the Euro Repo, GC Pooling Market and/or SecLend Market with CCP.
If the customer is already Eurex Repo and/or GC Pooling participant, the additional registration for SecLend Market with CCP can take place under the prerequisite that one of the following Clearing Licenses of Eurex Clearing was granted:

  • General Clearing Member Securities Lending (GCM)
  • Direct Clearing Member Securities Lending (DCM)
  • Specific Lender License (only pledge of collateral securities and only if no other „Full Clearing Member License“ has been granted)

"Full Clearing Member” License must be fulfilled for a GCM/DCM Securities Lending: Liable Equity Capital Requirements of € 200 Mio (GCM) or € 50 Mio (DCM).

Admission Prerequisites Specific Lender License

  • The enterprise must be licensed as a
    • Credit Institution
    • Financial Institution
    • or as an USCITS (undertaking for collective investments in transferable securities) or management company thereof)
  • In order to ensure the orderly settlement of the Securities Lending Transactions the enterprise must have entered into a tri-party agreement concerning the delivery of non-cash principal collateral with Eurex Clearing AG and a Tri-Party Collateral Agent.

Holder of a Specific Lender License are exempted from the following:

  • Proof of liable equity capital
  • Contribution to Margin
  • Contribution to the Clearing Fund


No trader exam required; individual GUI training is offered.

All Eurex Repo participants are classified as professional customer according to § 31a part 2 WpHG (Wertpapierhandelsgesetz, Securities Trade Act).
 

SecLend Participant List

UniCredit Bank AG joined the SecLend Market on October 11, 2019

For more information

Eurex Repo | Sales & Relationship Management

Frankfurt/London/Paris/Zug

T +49 (0)69 2 11-1 40 40

Instruments

Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

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