I went looking for the source of this story on the FT below, as Philip doesn't really explain anything clearly and most of the article is background. Frustratingly there isn't a jot of information on the websites of Eurex, Clearstream or Euroclear (no capital C BTW). My interpretation is that Euroclear have linked to Eurex to allow their Repo business to settle using securities held in Euroclear, in addition to those in Clearstream, a win for both parties I suspect. If anyone has more information or a better explanation, let me know, Bill. Settlement houses in repo collateral deal – FT.com (subs).