HQLAx
Eurex Repo GmbH provides a single marketplace to provide access for participants to the HQLAx model by allowing non-anonymous trading of baskets vs baskets. Executed transactions will then be processed by HQLAx using Corda® distributed ledger technology (DLT) to digitally represent baskets of securities.
The HQLAx model creates a standardized post trade solution to help market participants redistribute liquidity more efficiently by improving interoperability for pools of collateral (HQLA and non-HQLA) residing in multiple, disparate settlement systems and locations, without the operationally onerous requirement to move securities across a fragmented securities settlement system.
Principles
The HQLAx model offers bilateral trading without the involvement of a central counterparty. It provides the possibility to negotiate the trade details individually.
Participants will need to maintain a relationship with HQLAx to obtain access to the distributed ledger and they need to be set-up with Clearstream International acting as the «Trusted Third Party» (TTP).
Specifications
Participants can profit from unique possibilities to define the start and end date and time of transactions by selecting one of the following terms:
- Intraday
- Overnight
- Tom Next
- Tom 1W, Tom 2W, Tom 3W
- Spot Next
- Spot 1W, Spot 2W, Spot 3W
- Spot 1M, Spot 2M, Spot 3M, Spot 6M, Spot 9M, Spot 12M
- Evergreen 35d, Evergreen 65d, Evergreen 95d, Evergreen 125d, Evergreen 155d, Evergreen 185d, Evergreen 215d, Evergreen 245d, Evergreen 275d, Evergreen 305d, Evergreen 335d, Evergreen 370d and Evergreen 400d
- Non Standard
- Non-Standard Open
Trading Hours
07.30 a.m. to 06.00 p.m. Frankfurt am Main time with trade settlement time 24hours on any business day (i.e. 00.00 a.m. on Monday till 24.00 p.m. on Friday)
Fee Model
- No annual participation fee
- Transaction based fee of 0,6bp
- No minimum fee
Value Chain
Eurex Repo F7 serves as the trading «layer» in the HQLAx model offering participants the possibility to negotiate trade details and enter into transactions which will be forwarded to the «DCR layer» and subsequently the other layers below. For more information on the individual layers please see below.
Baskets
Baskets
The following baskets are available for trading in the HQLAx segment of Eurex Repo F7.
HQLA US Governments Basket (ISIN: DE000A2YZPW3)
The HQLA US Governments Basket encompasses debt securities of the US Government.
HQLA German Governments Basket (ISIN: DE000A2YZPX1)
The HQLA German Governments Basket encompasses debt securities of the German Government.
HQLA FR Governments Basket (ISIN: DE000A2P5AM9)
The HQLA FR Government Basket encompasses debt securities of the French Government.
HQLA UK Governments Basket (ISIN: DE000A2P5AN7)
The HQLA UK Government Basket encompasses debt securities of the UK Government.
HQLA CAD+ Governments Basket (ISIN: DE000A2P5AP2)
The HQLA CAD+ Government Basket encompasses debt securities of the Canadian Government and the Canadian Provinces (Ontario, Alberta, British Columbia, New Brunswick, Manitoba, Quebec and Saskatchewan).
HQLA JGB Governments Basket (ISIN: DE000A2P5AQ0)
The HQLA JGB Government Basket encompasses debt securities of the Japanese Government.
HQLA €1 Governments Basket (ISIN: DE000A2P5AR8)
The HQLA €1 Government Basket encompasses debt securities of the following Eurozone Governments: Austria, Belgium, Finland, France, Germany, Luxembourg and the Netherlands.
HQLA €2 Governments Basket (ISIN: DE000A2P5AS6)
The HQLA €2 Government Basket encompasses debt securities of the Irish, Italian, Portuguese and Spanish Governments.
FI 1 Basket (ISIN: DE000A2YZPY9)
The FI 1 Basket encompasses fixed income securities of the following countries:
Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Japan, Luxembourg, Netherlands, New
Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom and
the USA.
The issue must have been rated A+ or higher pursuant to the rating agency
Standard & Poor’s Rating Services Inc. for “Senior Unsecured Debt”, A1 or higher
pursuant to the rating agency Moody’s Investors Services Inc. for “Long-term Senior-
Debt”.
In case the rating by the named agencies differs, the lowest rating applies.
Structured Paper, Convertible Bonds and ETFs are excluded.
FI 1a Basket (ISIN: DE000A2YZPZ6)
The FI 1a Basket encompasses all securities eligible for the FI 1 Basket excluding
financials.
FI 2 Basket (ISIN: DE000A2P5AT4)
The FI 2 Basket encompasses fixed income securities of the following countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom and the USA. The issue must have been rated BBB- or higher pursuant to the rating agency Standard & Poor’s Rating Services Inc. for “Senior Unsecured Debt”, Baa3 or higher pursuant to the rating agency Moody’s Investors Services Inc. for “Long-term SeniorDebt”. In case the rating by the named agencies differs, the lowest rating applies. Structured Paper, Convertible Bonds and ETFs are excluded.
FI 2a Basket (ISIN: DE000A2P5AU2)
The FI 2a Basket encompasses all securities eligible for the FI 2 Basket excluding Financials.
FI 3 Basket (ISIN: DE000A2P5AV0)
The FI 3 Basket encompasses fixed income securities of the following countries: Argentina, Australia, Austria, Belgium, Brazil, British Virgin Islands, Canada, Cayman Islands, China, Czech Republic, Denmark, Ecuador, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Ireland, Italy, Japan, Jersey, Lebanon, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, Ukraine, United Kingdom and the USA. The issue must have been rated C or higher pursuant to the rating agency Standard & Poor’s Rating Services Inc. for “Senior Unsecured Debt”, Ca or higher pursuant to the rating agency Moody’s Investors Services Inc. for “Long-term Senior-Debt”. In case the rating by the named agencies differs, the lowest rating applies. Structured Paper, Convertible Bonds and ETFs are excluded.
FI 3a Basket (ISIN: DE000A2P5AW8)
The FI 3a Basket encompasses all securities eligible for the FI 3 Basket excluding financials.
Equity 1 Basket (ISIN: DE000A2P5AX6)
The EQ 1 encompasses equities from the main stocks indices (ASE 100, ATX 20, BEL 20, S&P, TSX 60, Copenhagen 20, OMX Helsinki 25, CAC 40, DAX 30, ISEQ Overall, Hang Seng , FTSE MIB, NIKKEI 225, LuxX, AEX, NZX 10, OBX, PSI 20, IBEX 35, OMX Stockholm 30, SMI, FTSE100, S&P 500, NASDAQ 100, DJIA, Eurostoxx 50 and Euronext 100).
Equity 1a Basket (ISIN: DE000A2P5AY4)
The EQ 1a encompasses equities from the main stocks indices, excluding equities from the financial sector.
Equity 2 Basket (ISIN: DE000A2P5AZ1)
The EQ 2 encompasses equities and convertible bonds from the main and mid cap stocks indices (ASE 100, ASE 200, ATX 20, ATX Prime, BEL 20, S&P, TSX 60, TSX Composite, Copenhagen 20, OMX Helsinki 25, CAC 40, SBF 250, DAX 30, HDAX, MDAX, ISEQ Overall, Hang Seng, Hang Seng China Enterprise, FTSE MIB, FTSE Italia Mid Cap, NIKKEI 225, KOSPI 100, LuxX, AEX, AMX, NZX 10, OBX, PSI 20, FTSE Strait Times All Share, IBEX 35, OMX Stockholm 30, SMI, FTSE 100, FTSE 250, S&P 500, NASDAQ 100, DJIA, Russell 1000, Eurostoxx 50, and Euronext 100).
Equity 2a Basket (ISIN: DE000A2P5A08)
The EQ 2a encompasses equities and convertible bonds from the main and mid cap stocks indices, excluding equities from the financial sector.
Equity 3 Basket (ISIN: DE000A2P5A16)
The EQ 3 encompasses equities and convertible bonds from the broad stock indices (ASE 100, ASE 200, All Ordinaries, ATX 20, ATX Prime, BEL 20, S&P, TSX 60, TSX Composite, Copenhagen 20, OMX Helsinki 25, CAC 40, SBF 250, CAC All Tradeable, DAX 30, HDAX, MDAX,CDAX, ISEQ Overall, Hang Seng, Hang Seng China Enterprise, Hang Seng Composite, FTSE MIB, FTSE Italia Mid Cap, FTSE Italia Small Cap, NIKKEI 225, KOSPI 100, LuxX, AEX, AMX, NZX 10, NZX All, OBX, PSI 20, FTSE Strait Times All Share, IBEX 35, OMX Stockholm 30, SMI, FTSE 100, FTSE 250, FTSE All Share, S&P 500, NASDAQ 100, DJIA, Russell 1000, Russell 3000, NASDAQ Composite, Eurostoxx 50, Euronext 100).
Equity 3a Basket (ISIN: DE000A2P5A24)
The EQ 3a encompasses equities and convertible bonds from the broad stocks indices, excluding equities from the financial sector.
