RepoClear cleared nominal hits new Q1 highs at Ltd and SA
08 April 2022 UK, France
Image: AdobeStock/Alex Stemmers
Combined activity across RepoClear’s Paris and London operations reached a record €67.47 trillion in cleared nominal for Q1 2022, across 2.9 million trade sides cleared.
This represented a new record for both RepoClear SA and RepoClear Ltd.
At RepoClear SA, the Paris-based repo and cash bond clearing service, cleared nominal rose 16 per cent YoY for Q1 to €53.77 trillion. This corresponded with 2.6 million trade sides cleared, a 25 per cent increase on Q1 2021.
For RepoClear Ltd, cleared nominal rose 49 per cent YoY to €13.70 trillion for Q1, across 346,600 trade sides (up 41 per cent on Q1 2021).
In April, LCH SA reported that Commonwealth Bank of Australia had become its first Australian clearing member.
On 25 March, LCH confirmed, following a statement from the European Commission, that equivalence for LCH Limited and other UK central counterparties will be extended beyond 30 June 2022 and will remain for at least three further years, until 30 June 2025. The European Securities and Markets Authority (ESMA) has also recognised LCH Ltd as a third-country CCP. With these developments, there will be no change to LCH Ltd’s ability to provide clearing services for all its products and services over this period.
The clearing house noted that it will continue to engage and cooperate with the appropriate regulatory authorities regarding long-term recognition of LCH Ltd on an ongoing basis under EMIR 2.2 and with ESMA on risk mitigation measures.
LCH SA continues to receive regulatory recognition from the Bank of England. This deemed recognition will extend for a maximum of three years after the close of the transition period on 31 December 2023, but may be extended by HM Treasury on a 12-monthly basis.
LCH reports that the Bank of England (BoE) has recently consulted on the future framework for Tiering and Comparable compliance Technical Standards, which is expected to finalise the UK’s clearing framework applicable to both UK and non-UK CCPs. This, it understands, will allow LCH SA to apply formally for recognition by the BoE.
This represented a new record for both RepoClear SA and RepoClear Ltd.
At RepoClear SA, the Paris-based repo and cash bond clearing service, cleared nominal rose 16 per cent YoY for Q1 to €53.77 trillion. This corresponded with 2.6 million trade sides cleared, a 25 per cent increase on Q1 2021.
For RepoClear Ltd, cleared nominal rose 49 per cent YoY to €13.70 trillion for Q1, across 346,600 trade sides (up 41 per cent on Q1 2021).
In April, LCH SA reported that Commonwealth Bank of Australia had become its first Australian clearing member.
On 25 March, LCH confirmed, following a statement from the European Commission, that equivalence for LCH Limited and other UK central counterparties will be extended beyond 30 June 2022 and will remain for at least three further years, until 30 June 2025. The European Securities and Markets Authority (ESMA) has also recognised LCH Ltd as a third-country CCP. With these developments, there will be no change to LCH Ltd’s ability to provide clearing services for all its products and services over this period.
The clearing house noted that it will continue to engage and cooperate with the appropriate regulatory authorities regarding long-term recognition of LCH Ltd on an ongoing basis under EMIR 2.2 and with ESMA on risk mitigation measures.
LCH SA continues to receive regulatory recognition from the Bank of England. This deemed recognition will extend for a maximum of three years after the close of the transition period on 31 December 2023, but may be extended by HM Treasury on a 12-monthly basis.
LCH reports that the Bank of England (BoE) has recently consulted on the future framework for Tiering and Comparable compliance Technical Standards, which is expected to finalise the UK’s clearing framework applicable to both UK and non-UK CCPs. This, it understands, will allow LCH SA to apply formally for recognition by the BoE.
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European Repo Survey reports 5.4% rise in outstanding repo value in 6 months to Dec 2021
European Repo Survey reports 5.4% rise in outstanding repo value in 6 months to Dec 2021
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