TP ICAP announced a record trading day on its eRepo order book at £100 billion ($125.1bn) of volume traded in one day on September 7.
eRepo is a fully electronic order book designed to help market participants manage the high volume demands of the European repo market. The platform has grown significantly over the last 12 months. September month-to-date average daily volume (ADV) is up 180% compared to September ADV in 2022, driven by major participants signing up to eRepo’s competitive Fixed Rate fee schedule.
Nichola Hunter, global head of Fixed Income Sales and Trading at TP ICAP, said in a stateement: “We are proud of achieving this milestone, which we believe demonstrates two things: One, that eRepo has firmly positioned itself as the alternate execution venue for UK Gilts and European Government debt. And two, that the market needs two viable and liquid order books. With one, the market has no redundancy; and with more than two, we risk fragmentation and a poor liquidity experience.”
In the coming months, eRepo plans to roll out a new web-based front end via TP ICAP’s Fusion platform. This will introduce new feature functionality, along with improved navigation and deployment capabilities.