€GC Plus

Related links

MTS Repo Brochure
€GC Plus Factsheet
Market Rules
Trading and Settlement Calendars
€GC Plus Basket
Regulatory Structure

MTS Repo, our leading electronic European repo platform, supports trading of €GC Plus, a tri-party repo product initially developed by Banque de France in collaboration with LCHClearnet and Euroclear.

Trading €GC Plus gives you access to secured euro cash funding with standardised baskets of collateral, and the confidence of trading through LCHClearnet, the largest clearing house for fixed income and repo in Europe, and Euroclear, the largest collateral house in Europe.

The MTS Repo platform is a professional e-trading venue for real-time eurozone repo trading, pricing and liquidity, uniting market participants across Europe. The depth of counterparties and range of instruments combined with pricing transparency has made it a benchmark electronic trading platform for the European repo market.

Benefit from:

  • Secured euro cash funding with standardised baskets of collateral
  • Anonymous trading with novation and netting by LCHClearnet SA, offering balance sheet relief and lower regulatory capital cost
  • Risk diversification for existing cleared GC products
  • Access to the Eurosystem for credit operations, re-using received collateral
  • Access to a large counterparty base on MTS thanks to a fully interoperable collateral system between Euroclear Bank and Euroclear France / ESES
  • DVP settlement along the full chain without the need to pre-fund to roll-over and settle repos
  • Full re-use possible in triparty collateral management

The value chain:

  • Anonymous cash-driven trading via MTS
  • Two baskets covering a large set of ECB eligible securities
  • Intermediation of the CCP reduces regulatory capital cost
  • Exposure netting at clearing level
  • Robust risk management
  • Automated collateral management provided by Euroclear
  • Real-time substitution of securities
  • Interoperability between Euroclear Bank and Euroclear France
  • Full possibility of collateral re-use
  • Potential for refinancing with Banque de France
  • Future expansion to other NCBs being explored

Two liquid collateral baskets based on liquid fixed income instruments eligible to Eurosystem’s monetary operations:

Basket 1 – LCHC EURO-GCPLUS LCR EQUIVALENT XS0708254148

  • High quality liquid assets
  • ECB liquidity classes L1A, L1B, L1C
  • Issuance rating higher than A-(Govies) AA- (other)

Basket 2 – LCHC EURO-GCPLUS ECB RESTRICTED XS0708254817

  • Larger spectrum oc ECB eligible assets
  • ECB liquidity classes L1A, L1B, L1C, L1D
  • Issuance rating higher than BBB-