Eurex adds Dutch pensions manager MN for repo central clearing
14 September 2021 Netherlands
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The Metal and Engineering Industry Pension Fund and Pension Fund Metalketro are now clearing repo transactions through Eurex’s ISA Direct clearing model, which aims to extend the market’s access to centrally cleared repo and over-the-counter interest rate swaps (OTC IRS).
The two funds are managed by MN, one of the largest asset managers and administrators for Dutch pension funds with more than €170 billion in assets under management.
Eurex Clearing indicates that, via its central clearing service, MN’s clients can now trade repos with more than 150 participants registered with Eurex Repo, including central and commercial banks and government financing agents.
They can also raise and place cash through secured financing transactions against more than 13,000 domestic and international securities.
Using this service, MN’s clients can access a large liquidity pool at competitive rates using efficient electronic processes, says Deutsche Börse, parent company of Eurex Repo and Eurex Clearing.
MN’s clearing agent in the Dutch market, Societe Generale, will provide sponsored access for MN clients to repo central clearing on Eurex.
Eurex’s head of securities financing product and business development Frank Odendall says: “Onboarding MN is just the latest step in our efforts to open our centrally cleared markets to a wider diversity of market participants. Our ISA Direct model — available for both repos and OTC IRS — offers market participants tangible benefits in terms of risk management and collateral optimisation.”
Societe Generale head of prime sales for the Netherlands, Dirk Bellens, says: “[through the cleared repo market], clients like MN are able to access increased liquidity and enhanced credit exposure. This type of innovative solution, partnership and forward thinking are what demonstrates SG's leadership in the clearing space.”
The two funds are managed by MN, one of the largest asset managers and administrators for Dutch pension funds with more than €170 billion in assets under management.
Eurex Clearing indicates that, via its central clearing service, MN’s clients can now trade repos with more than 150 participants registered with Eurex Repo, including central and commercial banks and government financing agents.
They can also raise and place cash through secured financing transactions against more than 13,000 domestic and international securities.
Using this service, MN’s clients can access a large liquidity pool at competitive rates using efficient electronic processes, says Deutsche Börse, parent company of Eurex Repo and Eurex Clearing.
MN’s clearing agent in the Dutch market, Societe Generale, will provide sponsored access for MN clients to repo central clearing on Eurex.
Eurex’s head of securities financing product and business development Frank Odendall says: “Onboarding MN is just the latest step in our efforts to open our centrally cleared markets to a wider diversity of market participants. Our ISA Direct model — available for both repos and OTC IRS — offers market participants tangible benefits in terms of risk management and collateral optimisation.”
Societe Generale head of prime sales for the Netherlands, Dirk Bellens, says: “[through the cleared repo market], clients like MN are able to access increased liquidity and enhanced credit exposure. This type of innovative solution, partnership and forward thinking are what demonstrates SG's leadership in the clearing space.”
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