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EURIBOR-EBF » EUREPO® » History

History

Eurepo®, which was launched on 4 March 2002, has become the benchmark for secured money market transactions in the Euro zone.

Launch of EUREPO®, the New Benchmark for Secured Money Market Transactions

4 March, 2002

The European Banking Federation (EBF), the European Savings Banks Group (ESBG), the European Association of Cooperative Banks (EACB), in cooperation with the European Repo Council (ERC) announced today the launch of EUREPO®, which is positioning itself as the benchmark for secured money market transactions in the euro zone, the reference rate for the 2.298 trillion euro repo market that has emerged, subsequent to the introduction of the Euro in 1999.
A repo agreement is a transaction in which one party sells securities to another, while at the same time committing itself (as part of the same transaction) to re-purchasing identical securities, on a specified date at a specified price. The market needs a representative benchmark, as the advent of the Euro has led to an increasingly homogeneous Euro-denominated General Collateral ('GC') market.
EUREPO® is based upon contributions from a panel of 38 banks, which are active in cross border EUREPO® GC repo trading and/or which represent a particular market segment in the EUREPO® GC repo market. The contributors will apply a strict Code of Conduct, drawn up by the European Credit Sector Associations, which will ensure a transparent and efficient management of the panel of banks. A Steering Committee, composed of nine recognized market practitioners and the Secretary General of the EBF, will oversee compliance with the Code of Conduct and monitor market developments.
As of today, EUREPO® will be set and publicised at 11.00 am CET on each TARGET day, with the technical support of Moneyline THOMSON REUTERS, thus providing risk managers with a solid base for the daily evaluations of the positions of the front office. EUREPO® will undoubtedly rapidly become a credible and established benchmark, enabling swap traders to enter into basis swaps between Euribor and Eurepo®, thereby eliminating a large part of GC vs. Euribor risk inherent in swap portfolios. "EUREPO® is a perfect complement to EURIBOR, and we sincerely hope it will be just as successful" said the Secretaries General of the three European Credit Sector Associations.

It is supported by the European Banking Federation (EBF) and the European Repo Council (ERC).

The European Banking Federation (EBF) is the voice of the European banking sector (European Union & European Free Trade Association countries). The EBF represents the interests of some 5000 European banks: large and small, wholesale and retail, local and cross-border financial institutions.

The ERC is a regional repo council under the International Repo Council (IRC), a special interest group established by ICMA for members active in the international repo markets. Its members comprise the major banks and securities houses active in Europe's cross-border repo markets. Eurepo® is also supported by the European Association of Co-operative Banks and the European Savings Banks Association.