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SIX Securities Services launches new Equity Index Baskets

SIX Securities Services launches new Equity Index Baskets

SIX Repo Ltd’s repo trading platform CO:RE, owned by SIX Securities Services, has launched two additional European Equity Index Baskets: the CAC 40 and FTSE 100 for equity repo financing. This is in addition to the available baskets for the Swiss SMI 20, German DAX 30, MIB 40 and the Spanish IBEX 35 index.

SIX Securities Services, through its business unit SIX Repo Ltd, has witnessed an increasing demand for equity repo financing. Equity repos – baskets reproducing market indices – supplement the Swiss National Bank’s (SNB) high-quality liquid asset baskets (HQLA), SNB HQLA 1 and 2, which are traded as the market standard on the CO:RE trading platform via direct counterparties (tri-party).

According to NerinDemir, Head SIX Repo Ltd: “Different banks and non-bank financial institutions in the repo market have an interest in taking in more equity as collateral due to its liquidity, availability and for the diversification factor. There is a clear trend for Equity and Fixed Income financing desks  to come closer together and work towards a more singular view of the available collateral pool. This in turn attracts new participants the latest of which is Natixis – the first of many new participants we are looking forward to welcoming aboard.”

Ian Beattie, Head of Client Development on the Equity Finance desk at Natixis comments, “The STP capabilities of SIX, combined with the access to a broad range of counterparties makes the platform an attractive financing tool. Easy to use, it can cater for large volumes of transactions and is particularly supportive for equity repo transactions. We are looking forward to building balances and working with counterparties on CO:RE trading platform.”

Thomas Roth, Head Cash & Collateral Management at Bank Vontobel AG: “Having as many products as possible on a standardized platform like SIX Repo’s CO:RE trading platform provides participants with the necessary flexibility to cover their needs and supports increasing volumes to fulfill the financing requirements within different asset classes.”

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