Clearnet is reporting a 400 per cent increase in total cleared volume on bond and repo clearing for the first six months of 2002 over the same period in 2001, and expects this growth trend to continue into the future.
The increase represents year-on-year growth, with Clearnet last year reporting a 100 per cent increase in total cleared volume over 2000.
The pan-European clearing house - which was initially established to clear French primary dealer fixed income business - believes the exponential growth is the result of a number of key developments.
Since inception, other instruments such as German, Dutch and Portuguese Government debt and repo, floating rate Eonia repo, euro-denominated French Pfandbriefe, CADES and same day repo have been added to the product offering. Further instruments and functionalities scheduled for introduction this year include Italian and Belgian bond and repo, corporate debt and collateral substitutions.
The range of bond and repo trading platforms linking to Clearnet has also expanded to include Brokertec, MTS France, EuroMTS, Viel Prominnofi and e-Speed with a number of other bond and repo platforms in discussion with Clearnet to provide CCP services to their customers.
Furthermore, following an agreement between Clearnet, MTS and Cassa di Compensazione e Garanzia (CC&G), Italian fixed income products will be centrally cleared at Clearnet and CC&G in Q4 2002.