State Street has completed the first reverse repo trade for MN, an asset manager serving Dutch pension funds, using an enhanced service under the Eurex Select invest repo model. 
The transaction was executed through a newly designed structure in which State Street acts on behalf of its client to clear and settle reverse repo trades through Eurex Clearing’s centrally cleared counterpart (CCP) framework.
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“We’re delighted to launch our enhanced Eurex Select Invest model for repo – developed in close collaboration with Eurex – and with MN as our first client.
“The model streamlines buy-side access to the Euro denominated repo market and enables clients to trade independently with any of the current 170 market participants,” said Christian Schütze, head of financing solutions, continental Europe at State Street.
Specifically, the arrangement allows buy-side clients to access the liquidity and risk management benefits of clearing without the operational and onboarding requirements associated with direct membership of a central securities depository.