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Custodian bank Statestreet has joined Eurex via its Munich-based subsidiary State Street Bank International.
May 10, 2023 - State Street announced that it they have chosen Eurex as the first clearing house outside the U.S. to trade and centrally clear repo transactions and that the first transactions have already been successfully executed.
State Street has joined Eurex through its German subsidiary, State Street Bank International GmbH (SSBI). Through its Eurex membership, State Street is aiming to expand its European franchise and service offering.
Frank Gast, Member of the Management Board of Eurex Repo commented: “We welcome State Street Bank International as a Trading and Clearing Member of Eurex Repo and Eurex Clearing. The opportunities in the European repo market are immense and Eurex is excited to facilitate SSBI’s growth with our centrally cleared and innovative offerings.”
Travis Keltner, Global Head of Repo and Alternative Financing Solutions at State Street said: "Eurex's ample access to stable market liquidity significantly enhances State Street's liquidity tool kit. With this membership, State Street can build upon the launch of this Eurex clearing foundation to further support our clients’ needs especially in capital efficient trading and clearing.”
Simona Stoytchkova, Member of the Executive Management Board and Head of Global Markets Division SSBI commented: “We are thrilled about the exciting opportunities our new trading and clearing membership on Eurex Repo and Eurex Clearing will bring. The demand on European Repos is immense, and this important milestone in State Street’s growth journey in Continental Europe enables us to better serve our local balance sheet and clients in the future.”
With the current market environment of increasing interest rates, TLTRO repayments, and further reduction of excess liquidity, Eurex has stated that they are seeing increases in trading activities and expect to reach new record volumes in its cleared repo markets.
