MTF Venue Pre-Trade and Post-trade Controls - BROKERTEC - CME Group
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MTF Venue Pre-Trade and Post-trade Controls BROKERTEC
Contents
CONTENTS 2
1. INTRODUCTION 3
2. PRE-TRADE CONTROLS 4
2.1. Price Controls 4
2.1.1. Price Collar 4
2.1.2. User Limits
2.2. Value Controls 5
2.1.1. Order Size Limits 5
2.3. Message Transmission Controls 5
2.3.1. Order Throttle 5
2.4. Counterparty Controls 5
2.4.1. Price Collar 5
2.4.2. Counterparty Restrictions 5
2.4.3. Access Suspension 5
3. POST-TRADE CONTROLS 6
3.1. Unexecuted Order to Transaction Ratio 6
3.2. Other Fill Ratios 6
4. ANNEX 1 7
Government Securities 7
Supranationals and Covered Bonds 12
Pfandbriefe 13
2 © 2019 CME Group. All rights reserved.1. Introduction MiFID II sets out requirements for MTF operators and members aimed at ensuring the orderly functioning of markets in normal, volatile and even disorderly conditions through Article 48 and associated Regulatory Technical Standards (RTS). BrokerTec offers clients European Government Bond and Repo trading solutions through the BrokerTec Europe LTD (BEL) MTF, which facilitates algorithmic trading both through direct Application Protocol Interface (API) connections via Independent Software Vendors (ISV). As per RTS 7, BrokerTec governs the use of its electronic order submission systems, both on BrokerTec user interfaces and via Application Protocol Interface (API). The key elements of this control environment are: • Pre-trade controls on price, value of orders and message transmission rates via API • Post-trade controls on unexecuted order to transaction ratios This document describes the BrokerTec Control suite in operation across BrokerTec. 3 © 2019 CME Group. All rights reserved.
2. Pre-trade controls
As per RTS 7 requirements, BrokerTec governs the use of its electronic order systems through
pre-trade controls on price, value of orders and message transmission rates for API traders.
BrokerTec offers clients European Government Bond and Repo trading solutions through the BrokerTec Europe LTD
(BEL) MTF, which facilitates algorithmic trading both through direct Application Protocol Interface (API) connections
via Independent Software Vendors (ISV).
As per RTS 7, BrokerTec governs the use of its electronic order submission systems, both on BrokerTec user
interfaces and via Application Protocol Interface (API). The key elements of this control environment are:
• Pre-trade controls on price, value of orders and message transmission rates via API
• Post-trade controls on unexecuted order to transaction ratios
This document describes the BrokerTec Control suite in operation across BrokerTec.
2.1. Price controls
2.1.1. Price Collar
• BrokerTec rejects orders submitted outside of the price bands operating on all instruments – see below
Control Low (price) High (price) Type
EGB Price Collar 60.00 240.00 Static
Repo Price Collar -99.00 999.00 Static
2.1.2. User Limits
• BrokerTec warns users on submission of orders outside user-defined price limits – see below
Control # Ticks Type
EGB Price Collar User defined Dynamic
Repo Price Collar User defined Dynamic
BrokerTec Customer Support and Sales desks receive email-alerts of these potential off-market order
submissions if the soft limits are invoked.
4 © 2019 CME Group. All rights reserved.2.2. Value controls
2.2.1. Order Size Limits
• BrokerTec only accepts orders submitted at or above minimum and at or below maximum order
values for an instrument.
Minimum Maximum
Control Type
(million) (million)
EGB Size Limit Market Specific 9,999 Static
Repo Size Limit 1 9,999 Static
Repo Size Limit GC 25 9,999 Static
• Order value minimums are market and in some cases tenor-specific – see Annex 1
2.3. Message transmission controls
2.3.1. Order Throttle
• BrokerTec will accept up to a maximum of 50 orders per second per member account set-up for algo trading via direct
API or ISV
• Orders in excess of this limit will be held-back and passed-on to the order book in the next time increment
• Members may have many account connections
2.4. Counterparty controls
2.4.1. Self-Match Prevention
• The BrokerTec Genium interface displays same-entity orders coloured green and inter-entity
matching is not permitted
2.4.2. Counterparty Restrictions
• The BrokerTec Genium interface displays restricted credit orders coloured grey in bilateral credit Repo instrument
markets. Members can request Customer Support to update their credit counterparty matrices
2.4.3. Access Suspension
• In situations where BrokerTec considers a member’s activity to be contributing to disorderly
markets, BrokerTec may suspend that members access to BrokerTec markets
• BrokerTec may also be instructed by its Competent Authority, the FCA, or another relevant
regulator to suspend a member’s access
5 © 2019 CME Group. All rights reserved.3. Pre-trade controls RTS 9 requires venues to calculate the ratio of unexecuted orders to transactions for each of theirmembers on an at least daily basis and enforce maximums. 2.2. Unexecuted order to transaction ratio As per regulation, BrokerTec calculates Unexecuted Order to Transaction Ratios specified in both volume terms and in number terms: • Volume terms: (Total volume of orders/Total volume of transactions) - 1 • Number terms: (Total number of orders/Total number of transactions) - 1 As per the Rulebook – see www.nexmarkets.com/products-and-services/legal-documentationregulation/brokertec- rulebooks - BrokerTec places limits on these ratios, which can be changed at our discretion over time and members will be notified by Market Notice. For the current limits in please see https://support.nex.com. The ratios are calculated on an EOD basis and BrokerTec has automated monitoring in place to identify breaches, which result in a sanctions process. 3.2. Other fill ratios BrokerTec may calculate and monitor other fill ratios to promote the orderly functioning of its markets. These would also be communicated by Market Notice. 6 © 2019 CME Group. All rights reserved.
4. Annex 1
Government securities – European government bonds
Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Austria Cleared Central Participant must be authorisedby LCH. Austrian One million Eurex trading
Market Counterparty: Clearnet Ltd to enterinto Transactions on Government days
LCH.Clearnet BrokerTec. Bonds and Bills
Ltd
If the Participant is an Austrian Primary
Dealer or Recognised Dealer, then Participant
herebyauthorises the Operator to send
trading and quoting statistics to the Austrian
Federal Financing Agency.
Belgium Cleared Central Participant must be authorised by LCH. Belgian Two Eurextrading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government million days
LCH.Clearnet BrokerTec. Bonds andBills
Ltd
If the Participant is a Belgium
Primary Dealer or Recognised Dealer, then
Participant hereby authorises the Operator to
send trading and quotingstatistics to the
BelgiumTreasury.
Denmark Bilateral International Participant must have an account (whether Danish One Danish
Market Central direct or indirect) at an ICSD for settlement of Government million Business
Securities Transactions. Bonds and Bills days, excluding
Depositories Danish Public
(ICSD): Participant is required to grant the Operator Holidays
Euroclear power of attorney to send settlement
Bank NV instructions on its behalf in relation to
Clearstream Transactions to the Participant’s nominated
Banking SA, ICSD account.
Luxembourg
Finland Cleared Central Participant must be authorised by LCH. Finnish One Eurex trading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government million days
LCH.Clearnet BrokerTec. If the Participant is a Finnish Bonds and Bills
Ltd Primary Dealer or Recognised Dealer, then
Participant hereby authorises the Operator
to send trading and quoting statistics to the
Finnish StateTreasury.
7 © 2019 CME Group. All rights reserved.Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
France Cleared Central Participant must be authorised by LCH. French BTF: Five Eurex trading
Market Counterparty: Clearnet SA to enter into Transactions on Government million days
LCH.Clearnet BrokerTec. Bonds and minimum size
SA Bills then lots of one
Only SVT (Specialists in Treasury Securities million
as defined by Agence France Tresor) and
credit institutions and/or suppliers of BTAN/OAT
investment services established in France (except OAT 25
or in the territory of a member state of the October 2019
European Economic Space with Primary and OAT 25
Dealer status in at least three (3) countries April 2023
in the Euro zone and subject to the same where
quotation obligations as the SVTs can have minimum size
Participant status. is three
million): Five
Participant consents to their name being million (less
made available post trade to the Matching than 10 years)
Participant in the event of a Match. Three million
(more than 10
If a Participant has chosen BrokerTec as years) then lots
its platform of reference, then Participant of one million
hereby authorises the Operator to send its
performance data to the AMTE Secretariat on Inflation Bonds:
a daily basis. Three million
minimum size
If a non-SVT Participant is deemed to be non- then lots of one
compliant with the quoting obligations million.
imposed by the SVT Market Committee, the
Participant agrees to comply with any notice
issued by the Operator pursuant to Article 4.9
of the SVT Market Committee Market
Rules.
8 © 2019 CME Group. All rights reserved.Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Germany Cleared Central Participant must be authorised by LCH. German Two million Eurex trading
Market Counterparty: Clearnet Ltd or its clearer (being a Clearing Government days
LCH.Clearnet Member) to enter into Transactions on Bonds and Bills
Ltd BrokerTec.
Greece Bilateral Central Participants that are direct account holders at Greek One million Eurex trading
Market Securities the Bank of Greece are required to grant Government days
Depositories the Operator power of attorney to send Bonds and Bills
(CSD): settlement instructions in relation to
Bank of Transactions to the Bank of Greece.
Greece
Participants who do not have an account at
the Bank of Greece must:
have arrangements in place with a custodian
to settle Transactions at the Bank of Greece;
and grant the Operator a power of attorney
to send settlement instructions in relation to
Transactions to their nominated Custodian’s
account at the Bank of Greece.
Ireland Cleared Central Participant must be authorised by LCH. Irish One million Eurex trading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government days
LCH.Clearnet BrokerTec. Bonds and Bills
Ltd
If the Participant is an Irish Primary Dealer or
Recognised Dealer, then Participant hereby
authorises the Operator to send trading and
quoting statistics to the Irish National
Treasury Management Agency.
Italy Cleared Central Participant must have an account (whether Italian Bonds with Eurex trading
Market Securities direct or indirect) at the CSD for settlement of Government maturity days
Depositories Transactions. Bonds and upto 31
(CSD): Bills December
Monte Titoli Participant must: be authorised by the CSD to 2017: Two
enter into Transactions on BrokerTec; and million
Central have authorised BTEU to submit Transactions Bonds with
Counterparty to the CSDon its behalf. maturity
(s): greater
LCH.Clearnet Participants must: be a clearing member at than 31
SA Cassa di LCH.Clearnet SA or CCG or have December
Compensazio arrangements with an eligible member of
ne e Garanzia LCH.Clearnet SA or CCG; and be authorised 2017: One
(“CCG”) by LCH or CCG to trade Transactions on million
BrokerTec.
Where required by applicable law or
regulation, Participant hereby authorise the
Operator to send trading and quoting
statistics to the Italian Ministry of Economy
and Finance.
9 © 2019 CME Group. All rights reserved.Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Nether- Cleared Central Participant must be authorised by LCH. Dutch Two million Eurex trading
lands Market Counterparty: Clearnet Ltd to enter into Transactions on Government days
LCH.Clearnet BrokerTec. Bonds and
Ltd Bills
Participant hereby consents to having its
participant status displayed on NEX’s public
website.
If a Participant has chosen BrokerTec as its
platform of reference, then Participant
authorises the Operator to send its
performance data to the DSTA (Dutch State
Treasury Agency) on a monthly basis.
Portugal Cleared Central Participant must be authorised by LCH. Portuguese One million Eurex trading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government days
LCH.Clearnet BrokerTec. Bonds and
Ltd Bills
Participant hereby consents to having its
participant status displayed on NEX’s public
website.
Participant consents to their name being
made available post trade to the Matching
Participant in the event of a Match.
If a Participant has chosen BrokerTec as its
platform of reference, then Participant
hereby authorises the Operator to send its
performance data to the IGCP (Portuguese
Treasury and Debt Management Agency)
on a monthly basis.
10 © 2019 CME Group. All rights reserved.Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Spain Cleared Central Participant must be authorised by LCH. Spanish One million Eurex trading
Market Counterparty( Clearnet SA to enter into Transactions on Government days
s): BrokerTec. Bonds and Bills
LCH.Clearnet
SA with
settlement
through
Iberclear
Slovakia Cleared Central Participant must be authorised by LCH. Slovakian One million Eurex trading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government days
LCH.Clearnet BrokerTec Bonds
Ltd
Slovenia Cleared Central Participant must be authorised by LCH. Slovenian One million Eurex trading
Market Counterparty: Clearnet Ltd to enter into Transactions on Government days
LCH.Clearnet BrokerTec Bonds
Ltd
Sweden Bilateral Bilateral Participants are required to have Swedish One million Eurex trading
Markets market with arrangements in place to settle Transactions Government days
settlement in at the CSD Bonds and Bills
Vardepappers .
centralen Non-Swedish Participants are required to:
VPC AB nominate a custodian for the settlement of
(CSD) Transactions; and grant the Operator a power
of attorney to send settlement instructions on
its behalf in relation to Transactions to their
nominated custodian.
United- Cleared Central Participant must be authorised by LCH. UK Gilts and One million All UK
Kingdom Market Counterparty: Clearnet Ltd to enter into Transactions on UK Treasury Business
LCH.Clearnet BrokerTec Bills Days
Ltd
Participants must be authorised by the UK
Debt Management Office as a Gilt Edged
Market Maker (“GEMM”)
11 © 2019 CME Group. All rights reserved.Supranationals and covered bonds
Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Europe- Cleared Central Participant must be authorised European One million For Euro
an Market Counterparty: by LCH.Clearnet Ltd to enter covered denominated
Covered LCH.Clearnet into Transactions on BrokerTec Bonds covered bonds,
Bonds Ltd Eurex trading
days
For USD
denominated
covered bonds,
US Business
Days
For GBP
denominated
covered bonds,
UK Business
Days
Cleared Central Participant must be authorised by LCH. Cades Bonds One million Eurex trading
Market Counterparty: Clearnet SA to enter into Transactions on days
LCH.Clearnet BrokerTec.
SA
12 © 2019 CME Group. All rights reserved.Pfandbriefe
Additional Eligible Minimum Trading
Market CCP
Requirements Instruments Size Days
Germany Cleared Central Participant must be authorised by LCH. German One million Eurex
Market Counterparty: Clearnet Ltd or its clearer (being a Clearing Covered trading days
LCH.Clearnet Member) to enter into Transactions on Bonds
Ltd BrokerTec
13 © 2019 CME Group. All rights reserved.Annex 2
Government backed securities - REPO
Repo
Additional Trading
Market Transaction
Requirements Days
type
Austria Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into RepoTransactions on BrokerTec Austrian Government Business
• LCH. Bonds available on days
Clearnet BrokerTec
Ltd
Bilateral International Participant must have an account (whether direct Classic Repos on all TARGET
Market Central or indirect) at an ICSD for settlement of Repo Austrian Government Business
Securities Transactions. Bonds available on days
Depositories BrokerTec
(ICSD): Participant is required to grant the Operator power of
• Euroclear attorney to send settlement instructions on its behalf
Bank NV in relation to Repo Transactions to Participant’s
• Clearstream nominated ICSD account.
Banking SA,
Luxembourg
Belgium Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec Belgian Government Business
• LCH. Bonds available on days
Clearnet Ltd BrokerTec
Bilateral Central Participants that are direct account holders at the Classic Repos on all TARGET
Market Securities National Bank of Belgium (“NBB”) are required Belgian Government Business
Depositories to grant the Operator power of attorney to send Bonds available on days
(CSD): settlement instructions on its behalf in relation to BrokerTec
• National Transactions to NBB.
Bank of
Belgium Participants who do not have an account at NBB
must: • have arrangements in place
with a custodian to settle Transactions; and
• grant the Operator a power of attorney to send
settlement instructions in relation to Transactions to a
Participant’s nominated custodian.
Denmark Bilateral International Participant must have an account (whether direct Classic Repos on all Danish
Market Central or indirect) at an ICSD for settlement of Repo Danish Government Business days,
Securities Transactions. Bonds available on excluding
Depositories BrokerTec Danish Public
(ICSD): Participant is required to grant the Operator power of Holidays
• Euroclear attorney to send settlement instructions on its behalf
Bank NV in relation to Repo Transactions to Participant’s
• Clearstream nominated ICSD account.
Banking,
Luxembourg
14 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Finland Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec Finnish Government Business
• LCH. Bonds available on days
Clearnet BrokerTec
Ltd
Bilateral International Participant must have an account (whether direct Classic Repos on all TARGET
Market Central or indirect) at an ICSD for settlement of Repo Finnish Government Business
Securities Transactions. Bonds available on days
Depositories BrokerTec
(ICSD): Participant is required to grant the Operator power of
• Euroclear attorney to send settlement instructions on its behalf
Bank NV in relation to Repo Transactions to Participant’s
• Clearstream nominated ICSD account.
Banking,
Luxembourg
France Cleared Central Participant must be authorised by LCH.Clearnet SA Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec. French Government Business
• LCH. Bonds available on days
ClearnetSA BrokerTec
Bilateral Central Participants that are direct account holders at Classic Repos on all TARGET
Market Securities Euroclear France SA are required to grant the French Government Business
Depositories Operator power of attorney to send settlement Bonds available on days
(CSD): instructions on its behalf in relation to BrokerTec
• Euroclear Repo Transactions to Euroclear France SA.
France SA
Participants who do not have an account at
Euroclear France SA are required to grant the
Operator a power of attorney to send settlement
instructions in relation to Repo Transactions to a
Participant’s nominated Custodian.
Germany Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec German Government Business
• LCH. Bonds available on days
Clearnet BrokerTec
Ltd
Cleared Central Participant must be authorised by LCH.Clearnet SA Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec German Government Business
• LCH. Bonds available on days
Clearnet SA BrokerTec
15 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Greece Bilateral Central Participants that are direct account holders at the Buy/Sell Backs on all TARGET
Market Securities Bank of Greece are required to grant Operator power Greek Bonds available Business
Depositories of attorney to send settlement instructions in relation on BrokerTec days
(CSD): to Repo Transactions to the Bank of Greece
• Bank of .
Greece Participants who do not have an account at the Bank
of Greece must:
• have arrangements in place with a custodian to
settle Transactions at the Bank of Greece; and
• grant the Operator a power of attorney to send
settlement instructions in relation to Repo
Transactions to their nominated Custodian’s account
at the Bank of Greece.
Ireland Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into RepoTransactions on BrokerTec Irish Government Business
• LCH. Bonds available on days
Clearnet BrokerTec
Ltd
Bilateral International Participant must have an account (whether direct Classic Repos on all TARGET
Market Central or indirect) at an ICSD for settlement of Repo Irish Government Business
Securities Transactions. Participant required to grant Operator Bonds available on days
Depositories power of attorney to send settlement instructions BrokerTec
(ICSD): on its behalf in relation to Repo Transactions to
• Euroclear Participant’s nominated ICSD account.
Bank NV
• Clearstream
Banking SA,
Luxembourg
16 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Italy Cleared Central Participant must have an account at the CSD for Classic Repos on all TARGET
Market Securities settlement of Repo Transactions. Italian Government Business
Depositories Bonds available on days
(CSD): Participant must be authorised by the CSD to enter BrokerTec
• Monte Titoli into Repo Transactions on BrokerTec.
S.p.A Central
Counterpa Participants must:
ty(s): • be a clearing member at
• LCH. LCH.Clearnet SA or CCG or have arrangements with
ClearnetSA an eligible member of LCH.Clearnet SA or CCG; and
• Cassa di • be authorised by LCH or CCG totrade Repo
Compensazio Transactions on BrokerTec.
ne e Garanzia
(“CCG”)
Bilateral Central Participants must have an account at the CSD for Classic Repos on all TARGET
Market Securities settlement of Repo Transactions. Italian Government Business
Depositories Bonds available on days
(CSD): Participants are required to: BrokerTec
• Monte Titoli • have arrangements in place with a custodian to
settle Repo Transactions at the CSD; and
• grant the Operator a power of attorney to send
settlement instructions on its and its Custodian’s
behalf in relation to Repo Transactions to the CSD.
Nether- Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
lands Market Counterparty: to enter into Repo Transactions on BrokerTec. Dutch Government Business
• LCH. Bonds available on days
Clearnet Ltd BrokerTec
Bilateral International Participant must have an account (whether direct or Classic Repos on all TARGET
Market Central indirect) at an ICSD for settlement of Transactions. Dutch Government Business
Securities Participant is required to grant the Operator power of Bonds available on days
Depositories attorney to send settlement instructions on its behalf BrokerTec
(ICSD): in relation to Repo Transactions to Participant’s
• Euroclear nominated ICSD account.
Bank NV
Clearstream
Banking SA,
Luxembourg
17 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Portugal Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec. Portuguese Government Business
• LCH. Bonds available on days
Clearnet Ltd BrokerTec
Bilateral International Participant must have an account (whether direct Classic Repos on all TARGET
Market Central or indirect) at an ICSD for settlement of Repo Portuguese Government Business
Securities Transactions. Participant required to grant Operator Bonds available on days
Depositories power of attorney to send settlement instructions BrokerTec
(ICSD): on its behalf in relation to Repo Transactions to
• Euroclear Participant’s nominated ICSD account.
Bank NV
• Clearstream
Banking SA,
Luxembourg
Spain Cleared Central Participant must be authorised by LCH.Clearnet SA In relation to Repo TARGET
Market Counterpar- or LCH.Clearnet Ltd (as applicable) to enter into Transactions through Business
ty(s): Transactions on BrokerTec. LCH.Clearnet SA, Buy/ days
• LCH. Sell Backs on all
Clearnet Spanish Government
SA with Bonds available on
settlement BrokerTec. In relation to
through Repo Transactions
Iberclear through LCH.Clearnet
• LCH. Ltd, Classic Repos on all
Clearnet Spanish Government
Ltd with Bonds available on
settlement BrokerTec.
through
Euroclear
bank NV or
Clearstream
Banking SA,
Luxembourg
Bilateral Central Participants are required to have arrangements in Buy/Sell Backs on all TARGET
Market Securities place to settle Transactions at the CSD. Spanish Government Business
Depository Non-Spanish Participants are Bonds available on days
(CSD): required to: BrokerTec
• Iberclear • nominate a custodian for the settlement of
Transactions; and
• grant the Operator a power of attorney to send
settlement instructions on its behalf in relation to
Transactions to their nominated custodian.
18 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Slovakia Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter intoTransactions on BrokerTec Slovakian Government Business
• LCH. Bonds available on days
Clearnet BrokerTec.
Ltd
Slovenia Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all TARGET
Market Counterparty: to enter intoTransactions on BrokerTec Slovenian Government Business
• LCH. Bonds available on days
Clearnet Ltd BrokerTec.
Sweden Bilateral Bilateral Participants that are direct account holders at the Buy/Sell Backs on all All Swedish
Markets market with CSD are required to grant the Operator a power of Swedish Government Business
settlement in attorney to send settlement instructions in relation to Bonds available on Days
Vardepap- Transactions to the CSD. BrokerTec.
perscentr
alen VPC AB Participants who do not have an account at the CSD
(CSD) must:
• have arrangements in place with a custodian to
settle Transactions at the CSD; and
• grant the Operator a power of attorney to send
settlement instructions in relation to Transactions to
their nominated custodian’s account at CSD.
United- Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on all All UK
Kingdom Market Counterparty: to enter into Repo Transactions on BrokerTec UK Gilts available on Business
• LCH. BrokerTec Days
Clearnet
Ltd
Bilateral Central Participant must have an account (whether direct Classic Repos on all All UK
Market Securities or indirect) at the CSD for settlement of Repo UK Gilts available on Business
Depositories Transactions. BrokerTec Days
(CSD):
• Euroclear
UK & Ireland
19 © 2019 CME Group. All rights reserved.Supranationals and covered bonds
Repo
Additional Trading
Market Transaction
Requirements Days
type
Europe- Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on For Euro
an Market Counterparty: to enter into Repo Transactions on BrokerTec. European covered denominated
Covered • LCH. Bonds available on covered bonds,
Bonds Clearnet BrokerTec TARGET
Ltd Business Days
For USD
denominated
covered bonds,
US Business
Days
For GBP
denominated
coveredbonds,
UKBusiness
Days
Bilateral International Participant must have an account (whether direct Classic Repos on For Euro
Market Central or indirect) at an ICSD for settlement of Repo European covered denominated
Securities Transactions. Participant required to grant Operator Bonds available on covered bonds,
Depositories power of attorney to send settlement instructions BrokerTec. TARGET
(ICSD): on its behalf in relation to Repo Transactions to Business Days
• Euroclear Participant’s nominated ICSD account.
Bank NV For USD
• Clearstream denominated
Banking SA, covered bonds,
Luxembourg US Business
Days
For GBP
denominated
covered bonds,
UK Business
Days
20 © 2019 CME Group. All rights reserved.Repo
Additional Trading
Market Transaction
Requirements Days
type
Cades Cleared Central Participant must be authorised by LCH.Clearnet SA Classic Repos TARGET
Market Counterparty: to enter into RepoTransactions on BrokerTec. on Cades Business
• LCH. Bonds Days
Clearnet available on
SA BrokerTec.
Bilateral Central Participants that are direct account holders at Classic Repos TARGET
Market Securities Euroclear France SA are required to grant Operator on Cades Business
Depositories power of attorney to send settlement Bonds Days
(CSD): instructions on its behalf in relation to Repo available on
• Euroclear Transactions to Euroclear France SA. BrokerTec.
France SA
Participants who do not have an account at
Euroclear France SA must grant Operator a power of
attorney to send settlement instructions in relation
to Repo Transactions to aParticipant’s nominated
Custodian.
Pfandbriefe
Germany Cleared Central Participant must be authorised by LCH.Clearnet Ltd Classic Repos on TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec German Covered Business days
• LCH. Bondsavailable on
Clearnet Ltd BrokerTec
Cleared Central Participant must be authorised by LCH.Clearnet SA Classic Repos on TARGET
Market Counterparty: to enter into Repo Transactions on BrokerTec German Covered Business days
• LCH. Bondsavailable on
Clearnet SA BrokerTec
International Participant must have an account (whether direct Classic Repos on TARGET
Central or indirect) at an ICSD for settlement of Repo German Covered Business days
Securities Transactions. Except where Participant settles Bonds available on
Depositories through Clearstream Banking AG, Participant is BrokerTec
(ICSD): required to grant Operator power of attorney to send
• Euroclear settlement instructions on its behalf in relation to
Bank NV Repo Transactions to Participant’s nominated ICSD
• Clearstream account.
Banking SA,
Luxembourg
• Clearstream
Banking AG
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21 © 2019 CME Group. All rights reserved.All information contained herein (“Information”) is for informational purposes only and is the intellectual property of CME Group Inc. or one of its sub- sidiaries (together, “CME”), including NEX Group Ltd (“NEX”) or third parties. Access to the Information by anyone other than the intended recipient is unauthorized and any disclosure, copying or redistribution is prohibited without CME’s prior written approval. In no circumstances will CME be liable for any indirect or direct loss, or consequential loss or damages including without limitation, loss of business or profits arising from the use of, any inability to use, or any inaccuracy in the Information. NEX is a private limited company registered in England and Wales under number 10013770 and certain of its affiliates are authorized and regulated by regulatory authorities. NEX subsidiaries that are regulated by the UK Financial Conduct Authority (“FCA”) are required to retain records of telephone conversations and other electronic communications for a period of 5 years (7 years at the request of the FCA), copies of which are available on request (which may be subject to a fee). For further regulatory information please see www.NEX.com. For details of how we process personal data, please see our updated privacy policy. cmegroup.com © 2019 CME Group. All rights reserved.
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