The desks you serve already pay for this, in cash funded twice and inventory held twice. That spend is the demand, and it reaches you as a budget line.
Request a briefing →Eligible inventory cannot be delivered against cash on a book it does not share, so the desk substitutes or holds the position twice.
Cash is pre-positioned on every venue and currency the desk trades in, so the drag becomes a permanent line on the balance sheet. What the desk is owed on one venue cannot pay what it owes on another.
Each leg settles after the last, with its own funding. Breaks surface the next morning and are cleared by hand.
And that is one repo,
between two parties.
A collateral upgrade across four books is six settlements, not one, so the desk takes the worse trade it can settle instead of the better one it cannot.
The system settles the repo where its parts already are, together or not at all, trade by trade or as a clearinghouse's net settlement obligations. The exposure this market spent fifty years designing out never opens.
Cleared or bilateral, at your clearer or across several. The net settlement obligations a clearinghouse hands over settle as one batch.
Inventory on any connected book becomes deliverable through your platform, and the crossing that makes it deliverable is yours.
The cash your clients pre-position across other venues returns to the balance sheet and is carried once, through you.
A ledger joining the network is added once, for everyone already on it. Reach stops being a build and becomes something that arrives.
Bring a repo your desk funds twice today and we will walk it through.