Access to reliable liquidity is essential for meeting investment and financing needs in today's markets. Our cleared repo solutions give you access to highly liquid US dollar investment and financing at competitive rates – with the benefit of reduced counterparty credit risk.

FICC cleared repo

We collaborated with the Fixed Income Clearing Corporation (FICC) in 2005 to establish their sponsored member repo offering, which first permitted US mutual funds to clear overnight reverse repos versus US Treasury and Agency collateral. Our offering has maintained a market-leading position as a result of continuous expansion to new types of market participants, jurisdictions, and clearing access models for buy-side clients.
 

Benefits

Cleared repo allows buy-side firms to unlock the benefits of centrally cleared repo without needing to satisfy the obligations of a direct clearing member. Our solution merges competitive pricing and stable liquidity to support a diverse mix of firms. In addition to credit intermediation, we manage custody, infrastructure, and trade processing activity with the FICC.
 

Our market leadership

We offer overnight, term investment, and financing solutions, accommodating both delivery versus payment (investment and financing) and triparty settlement (investment only). We serve more than 160 clients and 1,950 individual entities, and our expanded service supports over 20 jurisdictions.
 

Eurex ISA Direct Light

State Street Bank International GmbH’s Eurex ISA Direct Light solution is designed to give eligible cash investors a simpler route to the cleared euro repo market. Through our Eurex Repo membership, custody infrastructure, and repo expertise, clients can access Eurex Repo for cash investments while benefiting from an operating model calibrated to Eurex and Clearstream requirements.

The solution uses an Individual Segregated Account structure and a pledge-back mechanism, making it easier for clients to access the market without becoming a member of the Eurex default fund. We open and manage the relevant client cash and collateral accounts, and act as Third Party Account Holder to support participation in ISA Direct Light.
 

Designed to lower operational complexity

Clients can invest cash through a streamlined process that supports trade execution, cash movement, collateral allocation, settlement processing, and delegated reporting. We have calibrated client accounts and messaging to meet Eurex and Clearstream requirements, helping reduce the time and cost associated with opening accounts directly at Clearstream and Eurex.
 

Flexible market access

Eligible clients receive direct market access to Eurex Repo for cash investments and may trade independently with any of Eurex’s market participants, subject to eligibility, jurisdictional approval, and applicable onboarding requirements. The fee-based model is aligned to open balances, supporting a scalable access model for cash investment activity.
 

Operational flow

The client executes a cash investment trade, delivers cash to the relevant State Street client clearing account, and receives repo collateral through Clearstream triparty processing, with the securities pledged back to Eurex Clearing. We support cash processing, account administration, and delegated reporting, while Clearstream performs delivery-versus-payment settlement and collateral allocation.