SIX Repo announced the go live of BME Clearing on the CO:RE Repo Market. As a participant, BME Clearing benefits from a liquid market and the entire value chain. BME Clearing is joining a market with a growing appetite for foreign, non-CHF currencies and, as a cash provider, BME Clearing can cater to this market demand.
With a single agreement, the Swiss Master Repo Agreement, BME Clearing has access to all participants and a highly liquid market with a Daily Outstanding Volume of around CHF 70 billion, and where repo contracts in the three base currencies Swiss francs, euro and US dollar as well as in different baskets are traded.
Christian Geiger, head Repo and Collateral Management Sales at SIX, said in a statement: “As Euro cash provider, BME Clearing is joining our market at the right moment, as we have seen an increasing demand for euros – so BME Clearing is definitely adding value to our market and will be an attractive counterparty.”
Javier Aguila Llovera, head Clearing Architecture at BME Clearing, said in a statement: ‘SIX Repo’s platform helps us manage our regulatory requirements related to liquidity and credit risk more efficient. We appreciate the good collaboration and support we received from the SIX Repo team throughout the on-boarding process and now look forward to begin actively trading on CO:RE.’’
This marks another milestone in the ongoing integration project between SIX and BME, following SIX’s acquisition of BME in 2020.