LCH.Clearnet is pleased to announce that the UK Debt Management Office (“DMO”), an Executive Agency of HM Treasury, 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 certain 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, and it is expected that, over time, this will be extended to include activity in the recently launched Sterling GC product suite.
John Burke, Director – Fixed Income at LCH.Clearnet, said: “ RepoClear is delighted to welcome the DMO as a Member. 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”.
Jim Juffs, Chief Operating Officer at the DMO said: “The DMO is pleased to have joined the LCH.Clearnet RepoClear service. We see this 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.”
