TreasurySpring, Eurex and Clearstream open cleared repo markets to corporate treasury, bolstering market stability and transparency

The collaboration significantly reduces operational and time barriers, enabling direct access to centrally cleared repo markets via GC Pooling, Eurex’s and Clearstream’s joint developed standardised secured funding offering, through TreasurySpring’s investment platform.

Repo funding has to date largely been the preserve of wholesale banks and major financial institutions, using collateral to reduce credit risk.

Building on the collaboration, TreasurySpring has introduced next-day Fixed-Term Funds (FTFs) via its new One+ product – euro-denominated instruments backed by centrally cleared overnight repo with one-day maturity. These funds combine next-day liquidity with the transparency and risk management advantages of central clearing and collateralisation using European Central Bank-eligible High-Quality Liquid Assets. The offering is anchored by the €200 billion-plus* daily volume of the GC Pooling market and participation from over 160 sell-side and buy-side institutions.

GC Pooling provides access to standardised secured funding by integrating electronic trading by Eurex Repo, central clearing by Eurex Clearing as well as tri-party collateral management and settlement by Clearstream. Since its introduction in 2005, GC Pooling has become established as the European benchmark for efficient cash and collateral management.

This initiative contributes to greater resilience and diversity in European funding markets by enabling the mobilisation of unlevered and uncorrelated pools of cash for corporate treasurers, financial institutions, and private funds. The collaboration combines the benefit of Eurex’s Select Invest framework, purposefully designed to extend cleared-repo access to cash investors and TreasurySpring’s FTF suite, enabling investment in repo without the need to build any financial infrastructure.

Kevin Cook, CEO and Co-founder, TreasurySpring said: “This partnership means we can now deliver proprietary access for our investors to one of Europe’s deepest and safest wholesale cash investment markets. For our counterparties, it unlocks a new universe of diversified funding sources, within a capital efficient ecosystem. While for money markets as whole, it marks a meaningful step towards a more diverse, more collateral-based and less maturity-transformed funding landscape.”

“We are continuing to see strong appetite for this capability from both sides of the market, and its launch represents another first for TreasurySpring as we advance our mission to build the world’s leading capital markets treasury investment platform.”

Michael Jahn, Product Lead Repo D2C at Eurex, commented: “Our Select Invest framework was designed to give a wider range of investors access to the safety and efficiency of cleared repo. Partnering with TreasurySpring helps realise that vision by connecting a new pool of unlevered institutional cash to the cleared market.”

Marton Szigeti, Head of Collateral, Lending & Liquidity Solutions at Clearstream, commented: “At Clearstream, our highly efficient and effective tri-party collateral management services help our clients to make the most of their assets. We are thrilled to welcome Treasury Spring to GC Pooling Select Invest, improving access to this deeply liquid market for institutional cash investors.”