NYSE Liffe Teams with DTCC on New Repo Trading
NYSE Euronext's futures arm, NYSE Liffe, has announced a new line of futures trading based on the Depository Trust and Clearing Corporation's (DTCC) General Collateral Finance (GCF) Repo Index, to begin on July 16th of this year with regulatory approval.
The $400 billion repo market, to be licensed to trade on NYSE Liffe and cleared by New York Portfolio Clearing (NYPC), is tracked on DTCC's GCF index by following the average interest paid each day for the most active US repo trades, which includes fully-collateralized transactions in treasuries, agency, and agency mortgage-backed products.
"GCF Repo Futures offer the industry a new and more reliable short-term interest rate benchmark for market participants to precisely hedge critical business risks. Based on an index of actual, fully collateralized and centrally cleared financing transactions, we expect these products to quickly become a fundamental tool for the management of short term interest rate risk," says Tom Callahan, CEO of NYSE Liffe U.S.
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