LCH.Clearnet says the UK Debt Management Office (DMO), the government debt raising agency, has joined RepoClear as a Clearing Member and Dealer.
The DMO’s responsibilities include debt and cash management for the UK Government, lending to local authorities and managing public sector funds.
At the outset, the DMO will make use of the RepoClear gilts cash and repo service, as part of its exchequer cash management operations, but it is expected that, over time, this will be extended to include activity in the recently launched Sterling GC products.
“RepoClear is delighted to welcome the DMO as a Member,” says John Burke, Director, Fixed Income at LCH.Clearnet. “For RepoClear to be selected to provide its service to the DMO is, we believe, an indication of the central role played by the RepoClear service in the support of the fixed income market,” he continues.
“We are joining RepoClear service as a means of enhancing our business flexibility as part of the delivery of our core responsibilities. Bilateral relations with our counterparties will, however, also continue to be an important part of the way we conduct business,” comments Jim Juffs, Chief Operating Officer, DMO.