Eurex pulled millions out of reverse repo markets in the last quarter of 2017, in response to the ongoing low interest rate environment in the eurozone.
Secured cash deposited at commercial banks, including reverse repo, dropped €160 million, or 93%, from Q3 to Q4 2017.
Unsecured cash on deposit was withdrawn at a similar pace to the tune of €45 million. Remaining unsecured cash at year-end was 91% lower than at the end of Q3 2017.
Eurex’s cash deposits do vary quarter to quarter, but the