30.09.2015, 15:20
ECB to use STOXX GC Pooling indices as new euro secured benchmark rate
OREANDA-NEWS. Deutsche Börse Group welcomes that the European Central Bank (ECB) will use the STOXX EUR GC Pooling index family going forward. According to the central bank, the secured market rate with regard to fixed term deposits in euro will be the STOXX EUR GC Pooling term indices with a comparable maturity, due to the discontinuation of the Eurepo index.
STOXX EUR GC Pooling indices are calculated by STOXX, the global index provider owned by Deutsche Börse Group, and are based on secured euro funding transactions taking place on Eurex Repo’s GC Pooling market, Deutsche Börse’s pan-European marketplace for international financing in the secured money market.
Today, almost all of European interbank financing is executed on a collateralized basis. Therefore, STOXX and Eurex Repo jointly developed the STOXX GC Pooling indices in 2013 as a market barometer of Europe’s largest secured money market GC Pooling. The STOXX GC Pooling index family provides a transparent, rules-based alternative based on real transactions to the traditionally used but unsecured interbank benchmarks.
“We are very pleased that the European Central Bank’s is going to use our STOXX EUR GC Pooling indices as it validates our approach and concept. Our transparent, rules-based and reliable benchmark for the interbank market contributes to regain trust in reference interest rates,” said Hartmut Graf, chief executive officer of STOXX Limited.
“Our GC Pooling market is a regulated, anonymous, and centrally cleared marketplace with an average daily outstanding volume of more than 150 billion euros. Based on our liquid electronic market, we can jointly provide the transparent benchmarks that participants, regulators and central banks are interested in,” added Marcel Naas, managing director of Eurex Repo.
Since November 2014, also a futures contract based on these indices, the EUR Secured Funding Future, has been tradable at Eurex Exchange, the international derivatives market of Deutsche Börse, enabling adequate and capital efficient hedging of collateralized funding cost and investment yields globally for the first time. Together with the existing exchange-listed Eurex interest rate derivatives, Eurex Exchange users are now able to trade the entire secured and unsecured euro interest rate curve.
About Eurex Repo
Eurex Repo is the leading provider for international financing in the secured money market business (repo and securities lending). Its highly liquid marketplace combines state-of-the-art electronic trading with the efficiency and safety of Eurex Clearing as well as collateral management and settlement – and is continuously growing. Currently, about 140 European financial institutions are active in the following markets: GC Pooling®, Euro Repo and SecLend Market.
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange (ISE), the European Energy Exchange (EEX), Eurex Clearing, Eurex Bonds and Eurex Repo.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
About STOXX Limited
STOXX Ltd. is a global index provider, currently calculating a global, comprehensive index family of over 7,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50, STOXX Europe 50 and STOXX Europe 600, STOXX Ltd. maintains and calculates the STOXX Global index family which consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia/Pacific and sub-regions Latin America and BRIC (Brazil, Russia, India and China) as well as global markets.
To provide market participants with optimal transparency, STOXX indices are classified into three categories. Regular “STOXX” indices include all standard, theme and strategy indices that are part of STOXX’s integrated index family and follow a strict rules-based methodology. The “iSTOXX” brand typically comprises less standardized index concepts that are not integrated in the STOXX Global index family, but are nevertheless strictly rules-based. While indices that are branded “STOXX” and “iSTOXX” are developed by STOXX for a broad range of market participants, the “STOXX Customized” brand covers indices that are specifically developed for clients and do not carry the STOXX brand in the index name.
STOXX indices are licensed to more than 500 companies around the world as underlyings for Exchange Traded Funds (ETFs), futures and options, structured products and passively managed investment funds. Three of the top ETFs in Europe and approximately 25% of all assets under management are based on STOXX indices. STOXX Ltd. holds Europe's number one and the world's number two position in the derivatives segment.
STOXX is part of Deutsche Börse Group, and markets the DAX indices.
STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX® indices, DAX® indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.
STOXX EUR GC Pooling indices are calculated by STOXX, the global index provider owned by Deutsche Börse Group, and are based on secured euro funding transactions taking place on Eurex Repo’s GC Pooling market, Deutsche Börse’s pan-European marketplace for international financing in the secured money market.
Today, almost all of European interbank financing is executed on a collateralized basis. Therefore, STOXX and Eurex Repo jointly developed the STOXX GC Pooling indices in 2013 as a market barometer of Europe’s largest secured money market GC Pooling. The STOXX GC Pooling index family provides a transparent, rules-based alternative based on real transactions to the traditionally used but unsecured interbank benchmarks.
“We are very pleased that the European Central Bank’s is going to use our STOXX EUR GC Pooling indices as it validates our approach and concept. Our transparent, rules-based and reliable benchmark for the interbank market contributes to regain trust in reference interest rates,” said Hartmut Graf, chief executive officer of STOXX Limited.
“Our GC Pooling market is a regulated, anonymous, and centrally cleared marketplace with an average daily outstanding volume of more than 150 billion euros. Based on our liquid electronic market, we can jointly provide the transparent benchmarks that participants, regulators and central banks are interested in,” added Marcel Naas, managing director of Eurex Repo.
Since November 2014, also a futures contract based on these indices, the EUR Secured Funding Future, has been tradable at Eurex Exchange, the international derivatives market of Deutsche Börse, enabling adequate and capital efficient hedging of collateralized funding cost and investment yields globally for the first time. Together with the existing exchange-listed Eurex interest rate derivatives, Eurex Exchange users are now able to trade the entire secured and unsecured euro interest rate curve.
About Eurex Repo
Eurex Repo is the leading provider for international financing in the secured money market business (repo and securities lending). Its highly liquid marketplace combines state-of-the-art electronic trading with the efficiency and safety of Eurex Clearing as well as collateral management and settlement – and is continuously growing. Currently, about 140 European financial institutions are active in the following markets: GC Pooling®, Euro Repo and SecLend Market.
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange (ISE), the European Energy Exchange (EEX), Eurex Clearing, Eurex Bonds and Eurex Repo.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
About STOXX Limited
STOXX Ltd. is a global index provider, currently calculating a global, comprehensive index family of over 7,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50, STOXX Europe 50 and STOXX Europe 600, STOXX Ltd. maintains and calculates the STOXX Global index family which consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia/Pacific and sub-regions Latin America and BRIC (Brazil, Russia, India and China) as well as global markets.
To provide market participants with optimal transparency, STOXX indices are classified into three categories. Regular “STOXX” indices include all standard, theme and strategy indices that are part of STOXX’s integrated index family and follow a strict rules-based methodology. The “iSTOXX” brand typically comprises less standardized index concepts that are not integrated in the STOXX Global index family, but are nevertheless strictly rules-based. While indices that are branded “STOXX” and “iSTOXX” are developed by STOXX for a broad range of market participants, the “STOXX Customized” brand covers indices that are specifically developed for clients and do not carry the STOXX brand in the index name.
STOXX indices are licensed to more than 500 companies around the world as underlyings for Exchange Traded Funds (ETFs), futures and options, structured products and passively managed investment funds. Three of the top ETFs in Europe and approximately 25% of all assets under management are based on STOXX indices. STOXX Ltd. holds Europe's number one and the world's number two position in the derivatives segment.
STOXX is part of Deutsche Börse Group, and markets the DAX indices.
STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX® indices, DAX® indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.
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