Step into Europe's next phase of repo and cash bond clearing

Redefining cleared repo and cash bond access for today’s market realities

Smarter access. Deeper liquidity. Greater flexibility. Enhanced capital efficiency — delivered through a single, integrated clearing infrastructure.
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A pan-European repo and cash bond clearing solution built for an evolving market — delivering greater efficiency across funding, liquidity and capital.

Repo sits at the centre of today’s fixed income market — underpinning liquidity, funding and collateral management across participants.

As market structure evolves and balance sheet efficiency becomes more critical, clearing plays a central role in how firms access liquidity, optimise capital and manage risk.

Euronext Clearing enables participants to do this more efficiently; providing an open, pan-European clearing solution that supports trades executed across multiple trading venues, brokers and settlement locations, as well as broadening market participation with buyside clearing access models.

This is supported by deep and established liquidity across European repo markets, including activity from leading trading platforms such as MTS; ensuring participants can access and optimise liquidity within a flexible, connected framework.

Smarter access

Cleared repo should be easy to integrate into your existing trading and funding activity.

Participants can onboard directly, or via repo-only membership models, with scalable connectivity across venues such as MTS, and flexible settlement arrangements with participants settling at their CSD or ICSD of choice, including Euronext Securities Milan. 

  • For international firms, this enables expansion into new markets with minimal friction.
  • For buy-side participants, it enables access to cleared repo via a sponsoring member — expanding participation without requiring full clearing membership and supporting broader market involvement
  • For domestic Italian participants, it enhances existing connectivity without added complexity
  • For public debt issuers, it supports a more efficient and accessible secondary market — strengthening liquidity and demand for their securities.
Smarter access
deeper liquidity

Deeper, standardised liquidity

Liquidity is strongest when it is broad, connected and standardised.

Euronext Clearing provides access to a deep and expanding European repo market, supported by:

  • Pan-European sovereign coverage - All major European debt supported including Italian, Spanish, Portuguese, Irish, French, German, Dutch, Belgian, Austrian, Finnish, and supranational bonds — with further expansion underway 
  • General Collateral (GC) baskets - Developed in partnership with a leading triparty agent, and institutionally backed by key liquidity providers, Euronext's GC baskets will deliver a liquid and flexible alternative to traditional solutions currently available on the market. 
  • A growing and connected liquidity network - Supporting both funding strategies and overall market activity as participation expands

Greater flexibility

Participants require flexibility to optimise how they trade, clear and manage collateral.

Euronext Clearing supports a wide range of trading venues, brokers and settlement locations, enabling firms to align clearing with their existing infrastructure.

Participants benefit from:

  • Multi-venue, multi-broker connectivity - Clear trades executed across different platforms and counterparties without constraint
  • Flexible settlement options - Connectivity to both local and international CSDs, supporting preferred settlement models
  • Extended collateral eligibility - A broad range of eligible securities and currencies, enabling more efficient collateral allocation
  • Triparty connectivity - Integration with leading triparty agents including Euroclear, Clearstream, and BNY; enabling automated, real-time collateral management and mobility
flexibility
margin_efficiency

Enhanced Capital efficiency

Euronext Clearing is designed to deliver a more cost-efficient clearing model for repo.

Our updated VaR-based risk framework is designed to reduce capital requirements and improve balance sheet efficiency.

Participants benefit from:

  • Lower margin requirements - Significant margin reduction compared to Euronext clearing's previous risk model
  • Cross-margining efficiencies - Margin offsets across correlated positions, reducing overall capital requirements
  • Optimised default fund contribution - Designed to minimise capital burden while maintaining robust risk management
  • Competitive and transparent pricing - A cost-efficient clearing model with attractive fee structures, including:

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A clearing model built for the evolving repo market

A pan-European repo clearing offering designed to support the evolving structure of the market; expanding coverage, improving capital efficiency and enabling broader participation. 

By combining deep trading liquidity, flexible clearing and settlement, and advanced collateral management within a single framework, Euronext Clearing delivers a more connected, efficient and resilient approach to repo.