BNP Paribas has tapped into Euroclear and LCH Clearnet’s centrally-cleared tri-party repo offering, €GCPlus.

Clients of the global custodian's Securities Services division will now be able to access a trio of services - clearing, settlement and custody - if they trade euro cash liquidity through the platform.

Backed by Banque de France, €GCPlus allows asset managers, banks and other market players to secure euro cash lending with standardised baskets of collateral.

In practice, it means users can address their funding needs, trade on multiple platforms, move collateral quickly and maximise capital efficiencies.

LCHClearnet is the largest clearing house for fixed income in Europe while Euroclear is currently the largest collateral house in Europe.

“Our clients are looking for ways to manage collateral efficiently, move it quickly and address their funding needs,” says Jean-Marc Baudot, BNP Paribas’ head of clearing, custody and settlement products in Belgium, France and the Netherlands.

“€GCPlus is one of the products that help them do that.”

A statement said BNP Paribas Securities Services will act as sole general clearing member on €GCPlus.

It will also post the required default fund contributions and pre-fund margin call payments on behalf of its clients.

Michael Carignano, head of fixed income, LCH.Clearnet SA, said 2015 saw an uptick in cleared volumes through €GCPlus.

“An increasing number of market participants are looking to gain access to central clearing so they can benefit from greater operational and capital efficiencies," he added.