April 2020

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The European repo market has been engaged with talk of automation and electronic trading. From new product entrants to opportunities for improving post-trades processing, market participants are assessing different trading platforms and working to integrate them into operations and workflows.

While much of the driver for platform adoption is driven by the Securities Financing Transactions Regulation (SFTR) going live for investment firms and credit institutions in July 2020, electronic trading offers opportunities to streamline operations, reduce manual engagement, improve liquidity management and ultimately figure out how to use all the data generated to automate more portions of repo and liquidity management.

In this report, Finadium delivers the results of conversations with over a dozen market participants using electronic repo trading platforms. We heard from these firms what’s working and what isn’t, how important they see electronic repo trading by counterparty type, and how many platforms the market really needs. We also provide market sizing and competitive differentiation based on a combination of publicly available data and commentary from users.

This report should be read by any participant in European repo trading, whether electronic or not, across dealers and clients. It may also be useful to regulators and technology firms looking to provide additional oversight or services to these firms.

Table of Contents

  • Executive Summary
  • How Many European Repo Markets?
    • – Methodology
  • Platforms, Market Volumes and Segmentation
    • – User Commentary on Platforms
  • Trends in Platform Utilization
    • – Automating Trade Order Entry
    • – Is the Conversation Overhyped?
  • Dealer to Client Models
    • – Keeping Time with the US
  • Relationships and Consolidation
    • – Possible M&A
  • About the Author
  • About Finadium LLC

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