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Elixium goes live

11 October 2016 Securities Lending Times

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Elixium, the new all-to-all electronic collateral and secured deposit marketplace, has executed its first transaction.

Citibank, as cash management agent, executed a collateral financing transaction on behalf of CME Clearing Europe. Insight Investment represented an unnamed UK pension fund on the other side of the deal. The trade took place on 6 October.

CME Clearing Europe is the first central counterparty (CCP) to trade collateral on the platform. Nick McCall, CEO of Elixium, commented: “Due to a historical lack of direct counterparty access for non-bank participants, a trade between a CCP and an asset manager or pension fund would have previously been highly inefficient and costly to facilitate.”

“The completion of our first trade demonstrates the rate of change in the repo market and the benefits of facilitating electronic all-to-all collateral trading in a regulated environment.”

Tina Hasenpusch, CEO of CME Clearing Europe, added: “We are pleased to have transacted the first trade on Elixium. CME Clearing Europe will use this platform as part of our commitment to working with the buy-side to manage their liquidity challenges, including the requirement to generate cash for variation margin.”

“Peer-to-peer solutions will help meet those challenges and the need to ensure that CME Clearing Europe has access to a diverse set of repo counterparties.”

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