European Repo Committee

The European Repo Council elects every year a sort of "steering committee", the European Repo Committee, a group of 19 practitioners who meet regularly to discuss market developments. The European Repo Committee is composed of practitioners in the field of repo, securities lending, and collateralisation. One of the reasons for the establishment of the ERC has been that the leading practitioners did not feel that their practical day-to-day issues were fully understood and dealt with adequately through existing organisational structures. The ERC Committee is in charge of responding to public consultations. On this page, you will find the latest ERC contributions.

BBA consultation paper on ‘understanding the construction and operation of BBA LIBOR – strengthening for the future’

The paper ‘Understanding the Construction and Operation of BBA LIBOR – Strengthening for the Future’ explains in some detail how LIBOR is set and emphasises that it is a benchmark for cash and is not a derivative or FX benchmark. It also gives some insight into the panel selection process, explaining that any bank with significant business in the relevant currency in the UK market can apply to join the panels. ‘Strengthening LIBOR’ for the future includes taking a number of steps.

The ERC response to the BBA consultation paper can be found here.

T2S User Requirements Document

The European Central Bank launched its second consultation as regards Target-2-Securities on December 18, 2007. The User Requirements document, prepared by the ECB, defines the features that both CSDs and financial market participants would need for cross-border settlement in Europe.

The ERC response to the T2S URD can be found here.

CCBM2 User Requirements Document

The European Central Bank launched its second consultation as regards CCBM2 on February 26, 2008. The User Requirements documents, prepared by the ECB, reflects the six guiding principles of CCBM2.

The ERC response to CCBM2 URD can be found here.