European Central Bank joins LCH RepoClear SA
07 November 2025 Germany
Image: diegograndi/stock.adobe.com
The European Central Bank (ECB) is to join LCH RepoClear SA 鈥� a euro government bond cash, repo trade, and GCPlus triparty basket repo clearing service 鈥� in the first quarter of 2026.
According to the London Stock Exchange Group (LSEG), the majority owner of LCH, the ECB will diversify its securities lending infrastructure and transfer part of its securities lending activities on its monetary policy portfolios to centrally cleared repo transactions.
Im猫ne Rahmouni-Rousseau, Director General of Market Operations at the ECB, says: 鈥淭he trend towards central clearing for repo transactions supports the smooth functioning and the resilience of euro area repo markets.
鈥淭hese markets play a crucial role for the transmission of our monetary policy and the redistribution of liquidity in the financial system.
鈥淐entral clearing will diversify our securities lending channels for monetary policy portfolios and will also contribute to broadening our existing market intelligence in this core segment.鈥�
The Bank will join RepoClear SA as a direct member under the Special Clearing Membership model, which allows central banks, supranationals, and agencies to onboard the CCP.
Michel Semaan, global head of LCH RepoClear, adds: 鈥淭his partnership underscores the importance of central clearing in promoting financial stability and deepening the integration of European capital markets.鈥�
RepoClear SA currently clears daily over 鈧�1 trillion in nominal across 12 European government bond markets and sovereign, supranational, and agency bonds.
The service offers risk management, netting efficiencies, and access to the GCPlus triparty repo market.
According to the London Stock Exchange Group (LSEG), the majority owner of LCH, the ECB will diversify its securities lending infrastructure and transfer part of its securities lending activities on its monetary policy portfolios to centrally cleared repo transactions.
Im猫ne Rahmouni-Rousseau, Director General of Market Operations at the ECB, says: 鈥淭he trend towards central clearing for repo transactions supports the smooth functioning and the resilience of euro area repo markets.
鈥淭hese markets play a crucial role for the transmission of our monetary policy and the redistribution of liquidity in the financial system.
鈥淐entral clearing will diversify our securities lending channels for monetary policy portfolios and will also contribute to broadening our existing market intelligence in this core segment.鈥�
The Bank will join RepoClear SA as a direct member under the Special Clearing Membership model, which allows central banks, supranationals, and agencies to onboard the CCP.
Michel Semaan, global head of LCH RepoClear, adds: 鈥淭his partnership underscores the importance of central clearing in promoting financial stability and deepening the integration of European capital markets.鈥�
RepoClear SA currently clears daily over 鈧�1 trillion in nominal across 12 European government bond markets and sovereign, supranational, and agency bonds.
The service offers risk management, netting efficiencies, and access to the GCPlus triparty repo market.
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