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[null,"Repo Trading Technology Directory"]
[]
[]
[null,"Last update: 06/10/2021"]
["Category","Number of solutions","Jump to filtered directory"]
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["OMS/EMS",{"$f":"COUNTIF('Repo Trading Directory'!A:A,'At a glance'!A7)","v":6}]
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["Market type","Number of solutions","Jump to filtered directory"]
["Exchange",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A12&\"*\")","v":5}]
["Single dealer-to-client",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A13&\"*\")","v":9}]
["Multiple dealer-to-client",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A14&\"*\")","v":10}]
["Dealer-to-dealer",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A15&\"*\")","v":13}]
["Client-to-client",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A16&\"*\")","v":1}]
["Other",{"$f":"COUNTIF('Repo Trading Directory'!$E$7:$E$26,\"*\"&'At a glance'!A17&\"*\")","v":3}]

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[null,"Repo Trading Technology Directory"]
[]
[null,"Last update: 06/10/2021"]
[null,"Please read our legal disclaimer."]
[null,"Summary",null,null,"Trading",null,null,null,null,null,null,"Products",null,null,null,null,"Clearing",null,"Communication protocols & standards",null,"Other services","Regulatory status",null,"General information"]
["Platform type\n\nAnswer choices:\nTrading venue\nOMS/EMS\nOther (please specify)","Platform or solution name / Company name","Brief description\n\nPlease provide a brief description of the system/ platform. \n[Max. 100 words]","Key features\n\nWhat would you see as the key features of the system/ platform? \n[Max. 75 words]","Market type\n\nAnswer choices:\nExchange\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nOther (provide details)","Eligible participants\n\nAnswer choices:\nDealers\nNBFI (Institutional investors)\nNBFI (Other)\nNon-Financials\nOther (provide details)","Trading method\n\nAnswer choices:\nCentral Limit Order Book\nRequest for quote\nAuction\nOther (provide details)","Details\n\n(Optional) [Max. 75 words]","Counterparty transparency\n\nAnswer choices:\nPre-trade anonymity\nPost-trade anonymity\nFully transparent\nFully anonymous","Decision support tools\n\nAnswer choices: \nAxes\nIndication of Interest (IOI) and Addressed Offer (AO) \nOther\nN/A","Minimum size (EUR)","Supported transaction types\n\nAnswer choices:\nClassic Repo\nBuy/Sell-back\nSecurities lending\nCollateral swap\nMargin lending \nOther (provide details)","Supported collateral\n\nAnswer choices:\nCorporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther (provide details)","Support for tri-party\n\nAnswer choices:\nYes\nNo","Details\n\n(Optional) [Max. 75 words]","Currencies","Direct CCP connectivity\n\nAnswer choices:\nYes\nNo","Details\n\n(Optional) [Max. 50 words]","Supported electronic communication protocols & standards\n\nAnswer choices:\nFIX\nISO\nSwift\nFlat Files\nAPI\nBlockchain platform (please specify)\nOther (provide details)\nN/A","Details\n\n(Optional) [Max. 50 words]","Services\n\nAnswer choices:\nAnalytics\nMarket Data\nRegulatory Reporting (eg SFTR)\nRisk Management\nOther (provide details)","Regulatory status within the EU/EEA:\n\nAnswer choices:\nRegulated Market (RM)\nMultilateral Trading Facility (MTF)\nOrganised Trading Facility (OTF)\nOther (technology provider)\nOther (provide details)","Regulatory status outside the EU/EEA:\n\nEg Financial Market Infrastructure (Switzerland), Broker-Dealer (United States), Alternative Trading System (United States), Proprietary Trading System (Japan)\nOther (technology provider)","Segment Market Identifier Code (MIC)","Operating Market Identifier Code (MIC)","Legal Entity Identifier (LEI)","Launched (year)","Website","Last updated"]
["Trading venue","Borsa İstanbul Debt Securities Market","Borsa Istanbul Debt Securities Market provides a transparent and reliable electronic trading environment for general collateral repo and special repo transactions since 1993.  It is comprised of three repo sub-markets with a daily average traded value of 10 billion USD as of end 2020. Borsa Istanbul Debt Securities Market uses a multiple price - continuous auction trading system where participants place firm buy and sell orders for a wide range of repo products.  Anonymous order book and automatic matching according to interest rate and time criteria provide an efficient, transparent and competitive trading environment.","Liquidity, transparency, efficiency, reliability, real-time risk management coupled with easily accessible markets and user friendly services, being a regulated market (exchange)","Exchange","Dealers\nOther ","Central Limit Order Book\nOther (Trade report)","Eligible participants: Market participants are Central Bank of Turkey, banks and brokerage houses that are Borsa İstanbul members. Members can carry out trading on their portfolio account as well as funds and client accounts (both retail and institutional).\n\nTrading method: Anonymous order book and multiple price - continuous auction trading system with rate & time priority. Trade reporting is available for some sub-markets, mostly for higher block sizes.","Pre-trade anonymity","N/A","Minimum size differs among sub-markets.\n\nFor Normal Order GC Repo Market, minimum lot size is   1M TRY (approximately EUR 100K) and its multiples, while in Small Order (Odd-Lot) Market minimum size is 10K TRY (approximately EUR 1K)","Classic Repo","General Collateral Repo: Government bonds\n\nSpecial Repo: Turkish Lira denominated\nGovernment bonds\nCorporate bonds\nCommercial Papers\nCorporate Lease Certificates\nABS  \n\nEquity Repo: Equities in BIST-30 Index","No","Government debt securities are eligible for General Collateral Repo.","TRY","Yes","GC Repo Market and Equity Repo Market: CCP Supported - Dealer-Dealer cleared\n\nSpecial Repo with private sector debt securities (non-bank): Non-CCP but Dealer-Dealer cleared; others in this Market are CCP Supported - Dealer-Dealer cleared ","FIX\nAPI","N/A","Analytics\nMarket Data\nPre-Trade Risk Management","Other","Turkey (Regulated Market)","XDSM","XIST","7890005BROHWAPA36140","General Collateral Repo Market - 1993\n\nSpecial Repo Market - 2010\n\nEquity Repo Market - 2012","http://www.borsaistanbul.com/en/","2021-08-27"]
["Trading venue","BrokerTec","Dealer-to-dealer electronic trading system offering deep liquidity in all Government Bond and Repo trading for EUR, GBP (Gilts) and USD (Treasuries) via a Central Limit Order Book (CLOB).","Major liquidity provider - average of 120,000 trades globally per day. System reliability, through-put and performance plus rich, easy to use functionality. High level of customer service and support. ","Dealer-to-dealer","Dealers","Central Limit Order Book","N/A","Pre-trade anonymity\nPost-trade anonymity","N/A","1mm","Classic Repo\nOther\nGovernment Bond DVP and EU / GBP Repo","Government bonds\nSSA","No","N/A","GBP, EUR, USD, DKK, SKR","Yes","CCP Supported. Dealer is direct member","API\nFIX","N/A","Market Data","MTF (UK FCA) / RM (Amsterdam AFM)","N/A","BTEE for UK / BTAM for Netherlands",null,"UK MTF: 2138002GI1GKI3V4UG48\nEU RM: 2138004TYNQCB7MLTG76","UK MTF: 1999\nEU RM: 2019","www.cme.com","2021-09-17"]
["Trading venue","BrokerTec Quote","Dealer-to-Client electronic trading platform, built upon our established, regulated and market-leading BrokerTec network, BrokerTec Quote is our new, automated dealer-to-client repo trading venue; execute with your trusted relationships while establishing a more efficient and powerful execution workflow.","Our strength in the repo marketplace over the past 20 years is leading change and building the gold standard for repo execution. Developed by BrokerTec – the industry-leading trading  platform in EU Repo – BrokerTec Quote aims to revolutionize your workflow while ensuring a compliant and orderly marketplace for all participants.","Multiple Dealer-to-client","Dealers\nNBFI (Institutional investors)\nOther","Request for quote","Bilateral trading\nSponsored Clearing","RFQ: Directed quotes to specified counterparties","N/A",1,"Classic Repo\nOther\nEU Government Bond Repo and US Treasury Repo","Government bonds\nSSA","Yes","N/A","GBP, EUR, USD, DKK, SKR","Yes","CCP Supported. Dealer is direct member. Plus sponsored Clearing, plus uncleared Bilateral Repo","API\nFIX","N/A","Market Data\nAnalytics","MTF (UK FCA) / RM (Amsterdam AFM)","N/A","BTQG for UK / BTQE for Netherlands",null,"UK MTF: 2138002GI1GKI3V4UG48\nEU RM: 2138004TYNQCB7MLTG77","UK MTF: 2019\nEU RM: 2019","www.cme.com","2021-09-17"]
["Trading venue","CFETS (China Foreign Exchange Trade System)","The major trading platform and pricing center for CNY; China’s interbank market  trading systems provider for cash and derivative products in FX, money and bond markets; A sub-institution of PBC; A technical platform of monetary policy transmission.","Designated trading systems for interbank bond market; Providing trading service and other services, such as post-trade, information, technical, surveillance, value-added; Multiple asset  classes and trading methods; Investor structure diversity, over 39000 market members, including banks, security companies, insurance companies, mutual funds, asset mangement products, etc.; Adequate liquidity and transparency; Risk management and efficiency, such as STP, DVP.","Dealer-to-dealer\nMultiple dealer-to-client\nAll-to-all\n","Dealers\nNBFI (Institutional investors)","Central Limit Order Book\nRequest for quote\nOther","1. Anonymous one-click trading: participants could clinch deals by clicking the existing orders or committing new orders under both parties's designated conditions. \n2. RFQ: the fund borrower could  send a request for quote to the fund dealer to acquire fund \n3. Bilateral trading: participants could deal with each other with iDeal(an IM tool）or just send quote to each other to get a deal.\n","Pre-trade anonymity\nFully transparent","Indication of Interest","N/A","Classic Repo\nSecurities lending\n","Corporate bonds\nGovernment bonds\nMBS\nCLO","No","Tri-party and GC are being prepared","CNY","Yes",null,null,null,"Analytics\nMarket Data\nResearch\n",null,null,null,"XCFE","3003009BLGRRBA4K8M15",1997,"http://www.chinamoney.com.cn ","2021-09-08"]
["Trading venue","CO:RE trading platform / SIX","SIX operates the multi-currency CO:RE repo trading platform for Switzerland, the EU and the UK. CO:RE is used by over 165 domestic and international clients ranging from regional and international banks to Swiss insurance firms and the Swiss National Bank (SNB). The SIX triparty repo market is available over CO:RE, operated by SIX Repo Ltd. and regulated as an MTF. The CO:RE platform offers access to central bank money (SNB) as well as interbank trading in 14 different currencies.","SIX as the key financial market infrastructure provider for Switzerland operates a fully integrated repo value chain. By signing one multilateral agreement (Swiss Master Repo Agreement) the user gains access to 165 participants across Europe. The combination of CO:RE trading platform and the new Collateral Cockpit offers comprehensive and simplified collateral management in real time. This integrated solution leads to operational risk and price reductions as well as an increase in the quality of the services.","Single dealer-to-client\nDealer-to-dealer\nClient-to-client\nOther (Dealer-to-Central Bank, Client-to-Central Bank)","Dealers  - Banks & Central Bank\nNBFI (Institutional investors) – Insurances\nNBFI (Other) – Investment funds\nNon-Financials\nOther\nAHV/IV/EO compensation fund, Suva and the Federal Treasury","Request for quote\nAuction","The OTC spot market provides participants with the infrastructure to issue and increase the number of securities on the primary market on a fully electronic basis. The SNB auctions treasury bills (GMBF) and Swiss federal bonds on the primary market on behalf of the Swiss Federation. In addition to the auction mechanism, participants can trade in the secondary market (interbank spot market) money market paper, such as SNB bills or treasury bills.","Fully transparent","Indication of Interest\nAddressed Offer  \nQuotes\nAutohit on Quotes","EUR 1mm; SNB auctions in the name of the federal government can have smaller sizes.","Classic Repo\n\nPrimary market (auction) for SNB Bills, Treasury Bills (GMBF) & Federal Bond Issues\n\nSecondary market for OTC bond","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nSIX covers all asset classes for 64 markets, offering pre-defined standard baskets from SNB and SIX Repo Ltd. as well as customer defined baskets as required. ","Yes","The service is based on a contractual relationship between the trading parties and the agent. \n\nThe Collateral Cockpit provides the TPA participants online access to numerous services:\n- availability by baskets\n- collateral and inventory management\n- automated and manual allocation\n- automated and manual substitution\n- positions and cash balances forecast\n- reporting\n- transaction capture\nThe Collateral Cockpit allows to reduce costs and risks as well as the opportunity to generate additional revenues.","CHF, EUR, USD, GBP, JPY, CAD, AUD, NZD, DKK, SEK, NOK, CZK, HUF, PLN.","No",null,"Swift\nAPI\nISO",null,"Other: There are no such services as analytics or research. We, however, provide market data during the term of a transaction while fluctuations in the market price of collateral and exchange rates can lead to changes in transaction exposure and collateral value. SIX SIS calculates the resulting net exposure and automatically offsets it through margin transfers. With regards to regulatory reporting (SFTR), we offer three different reports:\n- UTI only: a file that contains the unique transaction identifier (UTI).\n- Data provision: The participant must report the data directly to the trade repository and monitor and process the validation feedback.\n- Delegated reports: SIX SIS handles the daily submission while the participant receives a copy.","N/A","The CO:RE trading platform operated by SIX Repo Ltd. and regulated as an Multilateral Trading Facility (MTF).\n\nThe triparty agent is operated by SIX SIS Ltd. and regulated as Financial Market Infrastructure (FMI).","SIX REPO AG: ROSR\nSIX REPO AG - CH REPO MARKET: XREP\nSIX REPO AG - OTC SPOT MARKET: XROT","ROSR","549300US7CXLXPE4NY48",2014,"https://www.six-group.com/repo","2021-10-04"]
["Trading venue","eRepo / Tullett Prebon","eRepo (formerly tpRepo) is a fully electronic, reliable order driven trading system, designed to help you manage fast-paced, high-volume demands of the Repo market. You can enjoy the stability and efficiency of full automation to both settlement and clearing via our API and STP connectivity. ","As part of the TP ICAP group, eRepo offers the most cost effective solution with a superior service. We have introduced a capped monthly cost to give you the most economical way to trade all core countries in high volumes. If monthly subscription isn't for you, we still offer the best value if you pay per trade. ","Dealer-to-dealer","Dealers","Central Limit Order Book","N/A","Pre-trade anonymity for Bilateral Trades. Pre and Post trade anonymity for cleared trades.","N/A","1mm","Classic Repo\nOther\nBuy/Sell-back","Government bonds (General Collateral Baskets and Specifics)","No","N/A","EUR, GBP","Yes","CCP Supported – Dealer-Dealer cleared Uncleared – not CCP supported (bilateral)","FIX\nAPI","N/A","Market Data\nRegulatory Reporting (SFTR)","Multilateral Trading Facility",null,"TSMR","TPSL","549300BMVW85YF9FGN67",2008,"https://www.tullettprebon.com/ebroking/ebroking-tp-repo.aspx","2021-09-01"]
["Trading venue","GLMX","GLMX is an electronic platform for negotiation and execution of securities financing transactions. We support:\n- term, open & structured, Specific, GC, Triparty & DVP\n- Bilateral and cleared\n- Cross-currency\n- Locates\n- Packages for balance sheet neeting\n- Real-time data analytics and regulatory reporting","Full support of mid-life event handling (re-rates, closeouts, resizes, substitutions etc).\n\nWide coverage of underlying collateral: Global Govt Securities, Credit (IG and HY), Emerging Markets, Structured Products, SSAs, MBS, Agencies, Munis.\n\nEnd to end (straight to TR) SFTR reporting capability","Multiple dealer-to-client","Dealers\nNBFI (Institutional investors)\nNon-Financials\nOther\nAgent Lenders\nTreasuries","Request for quote","RFQ protocol, allowing directed inquiries and negotiation between counterparties with existing legal agreements (e.g. GMRA, GMSLA)","Fully transparent (between specific trading counterparties)","Axes (lists)\nOther\nLocates/IOI\nRate Runs\nReal-time trading intelligence","Per min settlment for security","Classic Repo\nBuy/Sell-back\nSecurities lending\nOther\nCollateral swap\nTRS (roadmap)","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nOther (Muni, Agencies, ETF, EM (Hard & Soft Ccy)","Yes","Standard Baskets, Bilateral Collateral Set","All global currencies","Yes","Sponsored Clearing flow (FICC, LCH Ltd)","FIX\nISO\nSwift\nFlat Files\nAPI (JSON/XML)\nOther (Direct Vendor Connectivity, Bespoke Solutions)","N/A","Analytics\nRegulatory Reporting (SFTR and MiFID ORK)","Other","Broker-Dealer (United States)\nATS (United States)","GLMX","GLMX","254900ASG2SHGJG66W93","2016 (platform launch)","www.glmx.com","2021-09-01"]
["Trading venue","JBOND Repo System / JBond Totan Securities Co., Ltd.","E-trading platform for JGB repos.  Services limited to JSCC participating organizations.","The only E-trading platform in Japan.  Our system is very secure/stable/user friendly.  We initiated the service in 2009 and since then, we do not have experienced any system failures.","Dealer-to-dealer","Dealers\nOther (JSCC participants)","Central Limit Order Book","N/A","Fully anonymous","N/A","100 million yen (770K Euro)","Classic Repo\nBuy/Sell-back\nSecurities lending","Government bonds","No","N/A","JPY","No ","CCP supported (indirectly). All the trades are done with a broker (Totan). Totan settles through CCP. ","FIX\nAPI","N/A","Market Data",null,"Proprietary Trading System (Japan)","N/A","N/A","N/A","2009 (current repo trading system)","www.jbond.co.jp","2021-09-01"]
["Trading venue","MTS BondVision Repo","MTS BondVision is a trusted and efficient multi-dealer-to-client electronic bond and repo trading platform, delivering exceptional access for institutional investors direct to market makers.\n\nThe BondVision platform provide institutional investors with the ability to trade with the major dealers in a request for quote driven model.\n\nMTS and its subsidiaries are part of the Euronext Group. ","BondVision connects users directly to one of the largest network of liquidity providers available on a single online trading platform, ensuring access to the best rates available across bond and repo trading.\n \nBondVision uses the same technology as MTS Repo platform, the interdealer marketplace for European repo.","Multiple dealer-to-client ","Dealers\nNBFI (Institutional investors)\nOther\nBanks\nCentral Banks\nHedge Funds\nAsset Managers\nInsurance Companies\nCCPs\nCorporates","Request for quote\nRequest for quote List\nOTC (Trade Registration)","RFQ supporting single bond\nRFQ Lists and bond versus bond packaged trades\nTrade individual ISINs\nGeneral Collateral and bespoke Triparty baskets","Fully transparent","Axe book",1000,"Classic Repo","Specific Government Bonds\nGeneral Collateral Baskets\nTriparty Repo Baskets ","Yes","General collateral, triparty and specific bonds","EUR, GBP, USD\n","Yes (Sponsored Clearing)",null,"Flat File Excel upload, API & FIX (Soon to be added for Order Staging)","N/A","SFTR Blotter\nInterdealer Market Data (Daily Bulletin)\nAnalytics\nAxe Book","Licensed as an MTF in the UK and Europe",null,"Bondvision Europe MTF: SSOB\nBondvision UK: BVUK","MTS SpA: MTSO\nEuroMTS Limited: XMTS","MTS SpA: 213800ZMKPUV1VKLCT69                                                   EuroMTS Limited: 213800OANOWGT2KW8O63",2018,"https://www.mtsmarkets.com/contact","2021-08-20"]
["Trading venue","MTS Repo","MTS Repo is an order driven market delivering deep liquidity for both cash investors and specific bond traders with fully automated settlement and connectivity to clearing houses. 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. MTS and its subsidiaries are part of the Euronext Group.","Support for all European Repo markets. General collateral, triparty and specific bonds. Choice of execution methods – CAT, RFQ and OTC. Support for BSB and Classic Repo contracts. Extensive member and comprehensive settlement network. Fully automated settlement and connectivity to clearing houses via Swift. Regulated market (Italian Ministry of Finance, Banca d’Italia and Consob). Sophisticated credit line management and intra-day credit control functionality.","Dealer-to-dealer\nOther","Dealers\nNBFI (Institutional investors)","Central Limit Order Book\nRequest for quote\nOTC (Trade Registration)","Central limit order book with flexible additional protocols for bilateral negotiation and booking of OTC trades","Pre-trade anonymity for Bilateral trades\nPre- and Post-Trade anonymity for cleared trades","N/A",500000,"Classic Repo & Buy Sell Back\nOther\nUnsecured deposits","Specific Government Bonds\nGeneral Collateral Baskets\nTriparty Repo Baskets ","Yes","General collateral, triparty and specific bonds","EUR, GBP\n","Yes",null,"SDP (Native Protocol)\nFIX\nAPI\nSwift","N/A","SFTR Blotter\nData\nAnalytics","RM Italian Ministry of Finance, Banca d’Italia and Consob",null,"MTSC","MTSO","213800ZMKPUV1VKLCT69",1998,"https://www.mtsmarkets.com/contact","2021-08-20"]
["Trading venue","Next Generation Trading (NGT) / EquiLend","Next Generation Trading (NGT) is a multi-asset class trading platform for the securities finance marketplace, including support for securities lending and repo transactions. Accessed through NGT’s intuitive, Web-based user interface or via full automation using our proprietary messaging protocol, NGT offers access to global securities finance trading to firms of all sizes. With tens of thousands of trades conducted on the platform around the globe each day, NGT offers unparalleled liquidity in the securities finance market. NGT’s strategic features increase trade-level transparency, improve workflow automation and generate efficiencies market wide.","110+  firms using NGT globally. NGT users based in 30+ locations around the globe. Assets domiciled in 50+ markets traded on NGT. $110+bn notional on average traded on NGT each day.","Other\nLender to borrower","Other\nPrimarily broker dealers and agent lenders (banks or third-party agent lenders). Beneficial owners (asset managers, pension funds, sovereign wealth funds, etc.) may also trade directly on NGT.","Other","Live counterparty negotiation ","Fully transparent","Indication of Interest\nOther\nMultiple available streams, including IOI, Targeted Availability, Firm Bids, etc.","No minimum","Classic Repo\nSecurities lending\nOther\nCollateral trading","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nAll equity and fixed income security types, including stocks, ETFs, ADRs, government bonds, corporate bonds, etc.","Yes","N/A","All major currencies accepted as collateral","Yes","CCP support is available for clients of our EquiLend Clearing Services division","Screen-based (upload/download via UI) or STP using Securities Lending Markup Language (SLML)/MQ","N/A","Post-trade services, including comparisons, billing, mark-to-markets, RQV, etc., are available in the EquiLend Post-Trade Suite. \nAnalytics are available via The Pulse. Market data is available via DataLend. Regulatory reporting support is available with our SFTR, CSDR and ALD solutions.","Multilateral Trading Facility as regulated by the UK FCA and the Central Bank of Ireland, passporting to the EU","USA, Canada, Australia, Japan, Hong Kong, South Africa",null,"EQIE (Ireland, EquiLend Limited). EQLD (UK, EquiLend Europe Limited).","Ireland, EquiLend Limited: 213800MQRAFTKJ551M22 \nUK, EquiLend Europe Limited: 213800BUOJT8E71MBB36 ","2001 (EquiLend). 2015 (NGT)","https://www.equilend.com","2021-09-24"]
["Trading venue","Tradeweb","Tradeweb offers an electronic multi-dealer-to-client RFQ bilateral and tri-party repo trading platform that maintains the same market dynamics as voice and messaging, with added benefits of integration, audit trails and regulatory solutions. With more than 30 banks globally providing liquidity across the platform, clients can trade U.S. Treasuries & European Government Bonds, Credit, Emerging Markets, Supranationals, Covered Bonds, MBS, and Agency, for both open and term maturities. We provide clients with the ability to centralize and automate their trading workflow, while enabling STP connectivity and assisting with SFTR reporting requirements.  Tradeweb also offers a full life cycle event management tool.","Collateral Supported (Tradeweb Cash Composite Pricing available for all): U.S. Treasuries & European Government Bonds, Credit, Emerging Markets, Supranationals, Covered Bonds, MBS, Agency \n\nCurrencies: GBP, EUR, USD, JPY, AUD, NZD, PLN, ZAR, CHF, DKK, SEK, CAD, HKD, NOK, CZK, TRY, ILS, RSD, MXN, NGN, HUF, LTL, RON, RUB\n\nTrade Types: Term & Open Repo, Reverse, Buy/Sell and Sell/Buy \n\nProtocols: All-or-nothing, non-contingent, fixed and floating, GC Baskets, GC vs Specials \n\nSettlements: Bilateral and Cleared\n\nSFTR Reporting","Multiple dealer-to-client","Dealers\nNBFI (Institutional Investors)\nNBFI (Other)\nNon-Financials\nOther\nCentral Banks\nSovereign Wealth Funds","Request for quote","RFQ to one, or multiple dealers, to facilitate real-time trade negotiation.","Fully transparent -\nbetween RFQ counterparties","N/A","N/A","Classic Repo\nBuy/Sell Backs","Corporate Bonds\nCovered Bonds\nGovernment Bonds\nSSA\nMBS\nAgencies\nEmerging Markets","Yes","N/A","GBP, EUR, USD, JPY, AUD, NZD, PLN, ZAR, CHF, DKK, SEK, CAD, HKD, NOK, CZK, TRY, ILS, RSD, MXN, NGN, HUF, LTL, RON, RUB","Yes","N/A","FIX\nFlat Files\nAPI","N/A","Market Data\nRegulatory Reporting (SFTR)","MTF, OTF & APA\nin both UK & EU","Overseas Markets licenses in Australia, Automated Trading Services (ATS) operator in Hong Kong, Proprietary Trading System (PTS) operator in Japan, Trading Venues operator in the Netherlands, Recognised Market Operator (RMO) in Singapore, Foreign Trading Venue operator in Switzerland, Broker-Dealer in the United States, Alternative Trading System operator in the United States, Swap Execution Facility operator in the United States. ","N/A","Tradeweb Europe Ltd: TREU\nTradeweb EU BV: TWEU","Tradeweb LLC: 5493009DYKOCXWBRC524\n\nTradeweb Europe Ltd: \n2138001WXZQOPMPA3D50\n\nTradeweb EU BV: \n724500D4BFEWKWVC1G62",1998,"www.tradeweb.com","2021-08-01"]
["Trading venue","Trading System F7 / Eurex Repo","F7 is an established, web-based, electronic trading platform for cleared and uncleared Repo and Securities Lending transactions. Approx. 20,000 fixed income and equity instruments are tradeable from overnight up to 2 years in multiple currencies. 140+ participants ranging from commercial banks, central banks, supranationals, financing agencies and buy-side entities are connected.Additionally, supporting innovative uncleared HQLAx DLT based Securities Lending.","Broad membership base. Widest range of collateral for CCP cleared transactions. All familiar trading protocols, but also RFQ (1:1 or 1:n), portfolio trading and auctions. Facilitates single ISIN and  TriParty repo, in particular, market leading repo funding product GC Pooling incl. cross currency repos. State of the art web-based interface, but also widely suppoted \nAPI and FIX connectivity through all major 3rd party vendors. \n","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","Dealers\nNBFI (Institutional investors)\nNBFI (Other)\nNon-Financials\nOther\nCentral Bank\nSupra national \nFinance Agency\nBroker","Central Limit Order Book\nRequest for quote\nAuction\nPre-arranged Trades","N/A","Pre-trade anonymity\nPost-trade anonymity\nFully transparent\nFully anonymous","\nIndication of Interest\nAddressed Offer ","GC Pooling 1.000.000\nRepo Market:  500.000","Classic Repo\nOther\nDLT Market","Corporate Bonds\nCovered bonds\nGovernment bonds\nSSA\nEquities\nOther\nBank Bonds","Yes","N/A","EUR, USD, GBP, CHF","Yes",null,"API \nFIX \nFlat Files","N/A","Analytics\nMarket Data","Multilateral Trading Facility","Switzerland, UK ","XERE,XERT, XEHQ  ","XEUP","529900QA7T9JLRFVNN10",1996,"www.eurexrepo.com","2021-09-01"]
["Trading venue","Yieldbroker","Yieldbroker is the leading Tier 1 licensed electronic trading platform for Australian and New Zealand debt securities and derivatives markets. It’s a dynamic connector that brings Banks, Portfolio Managers, Treasuries and Risk Managers together in a trusted trading environment with unrivalled liquidity and coverage of the AUD and NZD debt capital markets","Electronic trading platform for execution of AUD$ Repo, supporting Dealer-to-dealer and Dealer-to-Client workflow across GC baskets and specific securities.\nConnectivity options including FIX message protocol and API.\nSupports SFTR reporting","Dealer-to-dealer\nSingle dealer-to-client\nMultiple dealer-to-client","Dealers\nTreasuries\nNBFI (Institutional investors including Super Funds, Insurance Funds, Hedge Funds)\nOther (Central Banks, State Governments, Corporates)","Central Limit Order Book\nRequest for Quote","CLOB available for Interdealer\n\nRFQ available for D2D and D2C for OTC negotiation","CLOB: pre-trade anonymity, post-trade name give-up with credit check functionality\n\nRFQ: bilateral trading with full transparency between trading counterparts","N/A","CLOB: min market parcels in line with AUD$ Repo market conventions\n\nRFQ: AUD 0.5m","Classic Repo","Government bonds\nSSA\nCorporate bonds","Yes","N/A","AUD","No",null,"FIX\nAPI\nFlat Files","N/A","SFTR (UTI provision)","N/A","• We are QLAM (QMTF status) and have long term exemption from CFDC and are regulated by ASIC so any US person can fulfil the reporting regulation and trade on us.\n• We are Tier 1 ALM & also a Recognized Market Operator by Money Authority of Singapore (MAS)","XYIE","XYIE","549300QRJM24CLE17N18",1999,"https://www.yieldbroker.com/","Sep-2021 (new addition)"]
["OMS/EMS","Anvil e-trading / ION Markets","The Anvil e-Trading solution, from ION Markets, responds to the needs of repo desks by providing a solution to manage liquidity and identify trading opportunities. Our unmatched coverage delivers a solution that provides clients with:\n- Connectivity to all major repo D2D and D2C platforms across regions (EU, NA, APAC)\n- One view for cross market aggregation for inventory and order management\n- Trading statistics for historical trend analysis and pricing of inventory\n- Per-user and desk wide market controls to manage your risk\n- Rapid deployment with ION’s cloud setup","The Anvil e-Trading solution provides:\n- A single point of entry to the repo markets that ION connects to across NA, EU and APAC, both inter-dealer and dealer to customer\n- Automated multi-market inventory and order management, based on user defined policies, with smart order routing and real time integration with inventory, pricing and trade processing systems\n- Historical market data and analytics allowing uses to identify trends and spot opportunities within a single screen","Exchange\nDealer-to-dealer\nSingle dealer-to-client","Dealers","Central Limit Order Book\nRequest for quote\nPre-arranged Trades","N/A","Pre-trade anonymity\nPost-trade anonymity\nFully transparent\nFully anonymous","N/A","As per market setup","Classic Repo\nBuy/Sell Back","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nAll fixed income security types supported by underlying markets","Yes","N/A","As per market setup","Yes",null,null,null,"Analytics\nMarket Data\nRegulatory Reporting\nOther (trading, risk management, etc.)","Other (Technology provider)","Other (Technology provider)","N/A","N/A",null,2006,"http://www.iongroup.com/","2020-05-01"]
["OMS/EMS","Anvil OMS / ION Markets","The Anvil OMS provides repo desks with a single solution for client order management, with:  \n- A single point of entry to all client trading channels: emails, chats, voice and electronic RFQs (including connectivity to electronic trading venues)\n- Simplified sales / trader workflow, with enriched data including position, pricing risk and balance sheet impact, reducing the burden of the decision making process\n- Automated pricing and order routing rules simplifying execution and lifecycle management\n- Historical analytics to derive intelligence on client behaviour and activity which permits the tailoring of pricing strategy and identification of new opportunities \n- Rapid deployment with ION’s cloud setup","Repo client order management is fast becoming digitalized. As new markets open up and competition for liquidity intensifies, information overload is a real danger for repo desks.\nFor Repo businesses to thrive, desks can’t rely on a mixture of poorly integrated solutions to manage the flow of requests from all the different trading channels.\nRegardless of the size of the repo operation, ION’s integrated order management solution can transform decision making and trading complexity into simplicity.","Single dealer-to-client","Dealers","Request for quote","Connectivity to electronic  platforms,RFQ management and sales / trade workflow, negotiation, STP, locates management","Fully transparent","N/A","N/A","Classic Repo\nBuy/Sell Back\nSecurities lending\nCollateral swaps","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nAll fixed income and equity security types\nGC baskets\nTriparty baskets","Yes","N/A","All global currencies","Yes","Depends on client",null,null,"Analytics\nMarket Data\nOther (trading, risk management, balance sheet impact, compliance etc.)\nRegulatory Reporting (SFTR and MiFID ORK)","Other (Technology provider)","Other (Technology provider)","N/A","N/A",null,2017,"http://www.iongroup.com/","2020-05-01"]
["OMS/EMS","Hudson Edge Repo / Hudson FinTech","Hudson Edge Repo is a revolutionary multi asset etrade and voice trade capture platform, providing a complete front office repo and securities financing solution. Built using innovative architecture, this scaleable platform offers unparalleled flexibility and configurability supporting:\nAll Transaction types including Open, Term, Bond vs Bond, Callable, Basket, Equity, TRS\nSales / Trader Workflow and Negotiation\nConsolidated real time inventory across multiple books and multi currency asset classes\nRFQ aggregation and autoquote\nFlexible gateway connectivity\nRobust governance and permissioning\nPre-trade check tool and collateral management monitoring\nFully customisable analytics and blotters\nBuilt around latest SFTR requirements","Cost effective and fast modular implementation\nEasy intregration to existing infrastructure\nOn-the-fly customisation and enhancements to functionality  such as inbuilt spreadsheet, pivot tables and graphing functions\nRescource light via html 5 interface","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\n","Dealers\nNBFI (Institutional investors)\nNBFI (Other)","Request for quote","RFQ - eTrade, Voice or other","Fully transparent","Axes","Subject to underlying markets and requirements","Classic Repo\nSecurities Lending\nOther\nTRS\nRepo & Buy Sell Back for all marketable securities including Equities\n","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans","Yes","N/A","Not limited by currency","Yes","Depends on client","API\nOthers as requested","N/A","Analytics\nMarket Data\nCollation of SFTR Data\nAxe posting","Other (Technology Provider)","Other (Technology Provider)","N/A","N/A","N/A",2019,"www.hudsonfintech.com","Aug-2021 (new addition)"]
["OMS/EMS","QUIK / ARQA Technologies","QUIK is the multifunctional trading platform with developed risk management capabilities over trading operations and multiple service functions. Its functionality includes:\n- real-time position-keeping;\n- multi-asset, venue neutral, any settlement mode;\n- intra-day dynamic position-keeping and asset revaluation;\n- supported risk management models, including:\n- fat finger checks;\n- trading limits - cash trading and limits on trading for end-clients and traders; \n- margin trading - dynamic evaluation of collateral by discount, by leverage;\n- portfolio margining;\n- a SPAN-like approach for equities and derivatives;\n- cross-margining for different instruments in the portfolio.","Cost, quality, independence, client services, attention to clients, out of shelf solutions","Exchange\nSingle dealer-to-client \nMultiple dealer-to-client\nDealer-to-dealer","Dealers\nNBFI (Institutional investors)\nNBFI (Other)\nNon-Financials\nOther\nAnybody","\nCentral Limit Order Book\nRequest for quote\nAuction",null,"Fully transparent","Indication of Interest ","1 Eurocent","\nClassic Repo\nBuy/Sell-back\nSecurities lending\nCollateral swap\nMargin lending ","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nAny assets avaliable in the system","No","N/A",null,"No",null,"FIX\nAPI","drop copy via FIX or API;\nFIX program interfaces for forwarding trade orders from QUIK to external trading platforms by means of the FIX protocol;\nFIX integration with the FIS Global Network and with Bloomberg EMSX networks.","Analytics\nMarket Data                     Risk Management","Other (Technology provider)","Other (Technology provider)","N/A","N/A","N/A",2000,"https://arqatech.com/en/","Sep-2021 (new addition)"]
["OMS/EMS","Repo Order Quote Solution - ROQ / Broadridge","ROQ offers a front office repo trading tool for multi-market aggregation and execution. The solution enables traders to gain a clearer view of liquidity and explore market colour across venues. It also offers the ability to quote and execute on an aggregate basis, with automated execution logic that allows users to rebalance across markets to make the best use of market availability.","ROQ provides a configurable view across all markets on a single screen, homogenising market quirks, and integrates key markets.\nIn addition to providing real-time pivoting tools, ROQ offers a stream of homogenised data from all connected brokers. This includes information about house participation in markets but also market information. \nAdditionally ROQs provide configurable Alogs as well as an Algo API derived from CEP platforms.","Exchange\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer ","Dealers","Central Limit Order Book\nRequest for quote\nOther (Broker dependent execution)","N/A","Pre-trade anonymity\nPost-trade anonymity\nFully transparent\nFully anonymous","Axes\nIndication of Interest","N/A","Classic Repo\nSecurities lending\nCollateral swap\nMargin lending \nOther\nAll ECN supported","Corporate bonds\nCovered bonds\nGovernment bonds\nSSA\nABS (eg CDO, CLO, CLN)\nMBS\nEquities\nBank loans\nOther\nAll ECN supported","Yes","Sponsored Repo\nRepo Indemnification","All ECN supported","Yes",null,null,null,"Analytics\nMarket Data\nRegulatory Reporting\nResearch\nAlgo Trading","Other (Technology provider)","Other (Technology provider)","N/A","N/A","N/A",2015,"https://www.broadridge.com/intl/resource/repo-order-quote-rrq-brochure","2021-09-01"]
["OMS/EMS","Repo Trader / Broadway Technology","The Broadway RepoTrader is a top-of-the-line inventory workflow fully integrated into the Broadway trading suite designed specifically for repurchase agreement trading and hedging.  Using RepoTrader, traders can directly connect to multiple markets, implement numerous repo trades with minimal market impact, and get all the standard market integration benefits that Broadway Technology provides.","RepoTrader's main feature is the Bulk Order Manager. This control center provides highly efficient workflow tools for handling extremely large inventories across multiple assets and geographies.  Traders can perform bulk pricing and order management across their portfolio in a structure that smoothly integrates with position management. Standard Broadway features, such as order execution strategies, are accessible in the RepoTrader's Bulk Order Manager, including pegged orders, pay-up orders, TWAP, and randomized-size iceberg orders.","Exchange\nDealer-to-dealer\nSingle dealer-to-client","Dealers","Central Limit Order Book\nPre-arranged Trades","N/A","Exchange: Fully Anonymous\nRFQ and Pre-Arranged: Fully Transparent.","N/A","Repo generally trades in round lots of 1mm.","Classic Repo\nSecurities lending","Government bonds\nSSA","Yes","N/A","USD, EUR","Yes","Depends on client",null,null,"Analytics\nMarket Data\nRegulatory Reporting\nOther (trading, risk management, etc.)","Other (Technology provider)","Other (Technology provider)","N/A","N/A","549300CCWLKTLEB6U148",2018,"broadwaytechnology.com","2020-03-01"]
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[null,"Legal Disclaimer: The information and content provided herein have been prepared and provided by third-parties. This information is provided by ICMA for information purposes only and should not be relied upon as legal, financial or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.\n\n© International Capital Market Association (ICMA), Zurich, 2021. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA."]