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First buy side client goes live with the Lending CCP

Release date: 18 Jun 2018 | Eurex Clearing

First buy side client goes live with the Lending CCP

PGGM and Morgan Stanley are in the final stages of admission and testing with a view to start transactions using Eurex Clearing’s Securities Lending CCP.

We are proud to announce that the cooperative Dutch pension fund service provider PGGM is in the process of finalizing its admission as a direct participant of Eurex Clearing’s Securities Lending central counterparty (CCP).

PGGM, which offers asset management, pension fund management, policy advice and management support to institutional clients, is to start transactions with Morgan Stanley. Currently, the parties are in the closing stages of simulation testing with a view to becoming the first to use EquiLend Clearing Services’ (ECS) full connectivity offering to access our Lending CCP. The service will enable them to transmit trades agreed via EquiLend to the Lending CCP.

Roelof van der Struik, Investment Manager Treasury Trading & Commodities at PGGM, said: “At PGGM, we are pleased to see our strategic initiative come to fruition with the help of Morgan Stanley and EquiLend for our trading connectivity to Eurex Clearing. The accompanying effort by BNY Mellon as global custodian and by Euroclear as tri-party collateral agent have additionally contributed to this innovative approach that helps deliver cost and operational efficiencies for our securities lending activities.”

At Morgan Stanley, Susan O’Flynn, MD, EMEA Head of Bank Resource Management and Global Head of Clearing and Collateral Optimisation, commented: “This initiative with PGGM demonstrates Morgan Stanley’s support of central clearing solutions for securities finance transactions, such as Eurex Clearing’s CCP model, as these enable us to both build our existing and expand new client relationships and deliver best in class service with risk, resource and operational efficiencies.”

“Our service is the only solution facilitating the seamless transmission of a transaction at the point of trade straight through to Eurex Clearing’s Lending CCP,” Brian Lamb, CEO of EquiLend, said. “The dynamic ECS connection to Eurex Clearing allows Morgan Stanley and PGGM to leverage a completely integrated CCP model for securities lending and benefit from the resulting capital and operational efficiencies. We look forward to welcoming additional users to the solution as firms continue to seek efficiencies in the securities finance market.”

Marcel Naas, Global Head of Funding & Financing at Deutsche Börse Group, is also very pleased that PGGM and Morgan Stanley are in the final stages of admission and simulation testing in order to start transacting by using EquiLend to access our Lending CCP. “The acceptance and growth of the Lending CCP is proven by the committed partnership shown by our clients and leading market infrastructure providers,” Naas stated.

Erik Müller, CEO Eurex Clearing, added: “It is a significant achievement to announce PGGM’s deployment of our Lending CCP. The focus on CCP solutions continues to increase, driven by the need for cost and operational efficiencies, and we anticipate greater utilisation of our services as the securities finance industry looks to realize the added benefits of a CCP model.”

Eurex Clearing’s Lending CCP covers loans in global fixed income securities, equities and exchange-traded funds in Europe; its strategic partners are some of the largest providers of financial services to institutional investors and securities lending agents. The direct CCP access for beneficial owners via the Specific Lender License provides significant benefits to market participants. It preserves the relationship-driven business structure and delivers the capital efficiency and safety associated with central clearing. Our Lending CCP reduces counterparty risk exposure and eliminates the need for multiple credit evaluations. As part of Deutsche Börse, Eurex Clearing is the only infrastructure provider with an integrated clearing offering across derivatives, equities, securities lending and repo transactions.

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