LSEG announced that the European Central Bank (ECB) will join LCH RepoClear SA, its euro government bond cash, repo trade and GCPlus triparty basket repo clearing service, in Q1 2026. ECB will be a direct member under the Special Clearing Membership model, which allows central Banks, supranationals and agencies to onboard the CCP.
RepoClear SA currently clears daily over €1 trillion ($1.1tn) in nominal across 12 European government bond markets and sovereign, supranational, and agency bonds. The service offers robust risk management, netting efficiencies, and access to the GCPlus triparty repo market.
Michel Semaan, global head of LCH RepoClear, said in a statement: “This partnership underscores the importance of central clearing in promoting financial stability and deepening the integration of European capital markets.”
In addition, Eurex announced the ECB will become a new member at its centrally cleared repo market in Q1 2026. The ECB is the sixth central bank to connect to Eurex’s repo ecosystem, which includes a diverse community exceeding 160 participants from 21 countries, comprising international banks, government agencies, and supranational organizations as well as a growing number of buyside firms such as pension funds, insurance companies and corporates.
Eurex has seen strong growth in its repo segments. Total outstanding volumes in the repo market, which include Special, GC Repo and GC Pooling, grew approximately 50% since the end of 2024. This highlights the deep liquidity and robust activity available in Eurex’s cleared repo markets. Eurex plans to continue expanding its network by connecting more central banks and public sector institutions across Europe.
Matthias Graulich, member of the Executive Board at Eurex, said in a statement: “The ECB’s decision underscores the growing importance of centrally cleared repo for the stability and integrity of European financial markets and is a strong testament to the market’s trust in our resilient and efficient infrastructure. Eurex, as part of Deutsche Börse Group, is relentlessly working to strengthen European capital markets, thereby contributing to the vision of a strong and sovereign Europe.”
ECB seclending transfer
The ECB will diversify its securities lending infrastructure and transfer part of its securities lending activities for its monetary policy portfolios to centrally cleared repo transactions.
Imène Rahmouni-Rousseau, director general for Market Operations at the ECB, said in a statement: “The trend towards central clearing for repo transactions supports the smooth functioning and the resilience of euro area repo markets. These markets play a crucial role for the transmission of our monetary policy and the redistribution of liquidity in the financial system. Central clearing will diversify our securities lending channels for monetary policy portfolios and will also contribute to broadening our existing market intelligence in this core segment.”