16 May 2017
London
Reporter: Drew Nicol

BrokerTec and MTS expands RepoFunds Rate suite


Fixed income trading platforms BrokerTec and MTS have added Dutch and Belgian repo indices to the RepoFunds Rate (RFR) suite.

The Dutch repo market transacts in excess of €11 billion nominal volume per day on BrokerTec, with an actively traded specials and general collateral (GC) market.

The Belgian repo market typically sees volumes in excess of €12 billion a day across specials and general collateral baskets.

Each RepoFunds Rate index reflects the specific effective cost of repo funding for trades executed on BrokerTec and MTS, which between them typically trade volumes of €230 billion per day, according to BrokerTec.

The RFR indices are calculated and published by BrokerTec’s parent company NEX Group’s NEX Data, which offers market intelligence and price information for over-the-counter (OTC) data via a third parties.

Both indices provide trade-backed data, which is used to measure the effective cost of funding within the Dutch and Belgian markets.

John Edwards, managing director for BrokerTec Europe, said: “The launch of both the Dutch and Belgian RepoFunds Rate complements the existing suite of RFR’s with both markets historically being significant in their contribution to the overall Pan Euro RFR.”

“This launch follows the Spanish RFR rolled out in September 2016 and continues to illustrate the level of interest and value now given to the funding facilitated through the use of the secured Repo markets.”

Oliver Clark, head of product at MTS, added: “We are constantly looking for innovative solutions for clients and the wider market and the further expansion of the RFR indices into the Netherlands and Belgium is another step in providing the kind of information the market needs.”

“These new RFR indices demonstrate that the repo markets are an important indicator of the cost of funding in local markets.”

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