Canada’s triparty repo launch aims to fill C$60bn void

Test trades on TMX/Clearstream platform represent “quantum leap” for creaking funding markets.

Credit: Risk.net montage

The first trades on a new triparty repo platform have brought Canada a step closer to plugging a C$6o billion ($44 billion) gap left by the demise of the country’s antiquated corporate paper market.   

Canada’s five largest banks—BMO, CIBC, RBC, Scotiabank and TD Bank—completed the first repo trades on the Canadian Collateral Management Service (CCMS), a triparty platform created by TMX Group, Canada’s largest exchange operator, and Clearstream, a Deutsche Börse post-trade unit.

Triparty repo is

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