INTERVIEW | When ABN AMRO Clearing Bank first announced its plan to open a simplified entry point into cleared repo for financial institutions, it was framed as a practical innovation. Twelve months later, it looks more like a structural turning point. The bank has now gone live with its first client, and the onboarding pipeline is “is growing rapidly”, according to Alexander Jacobs, ABN AMRO Clearing’s head of OTC clearing – a sign that the market was waiting for exactly this kind of access.

The forces driving this shift have only intensified: regulatory pressure, rising liquidity demands, and the operational burden of clearing have converged. What has changed is that a viable access route now exists.

Regulation has turned liquidity into a daily discipline

The post‑crisis regulatory regime continues to reshape liquidity management. Alexander Jacobs describes the contrast between the old bilateral world and today’s cleared environment with clarity: “In the bilateral world, you can, on a bespoke basis, agree on collateralisation. In the cleared world, the CCP collects the margins every morning at 8 a.m. in cash only and not a minute later.”

This scenario forces treasurers to hold more cash, forecast more precisely, and manage collateral flows with far greater discipline. As portfolios grow, so do the liquidity swings – and the cost of funding them.

Jacobs puts it plainly: “Regulatory drivers have increased demand for liquidity. The bigger the margin levels, the bigger the requirement to manage liquidity.”

And the pressure does not come solely from managing daily margin calls. Banks must also comply with structural liquidity rules such as the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR), which require institutions to maintain stable short and long‑term funding against their assets. As Jacobs notes in the interview, “Banks have to meet these regulatory requirements; they need to be able to cover liquidity aspects over a larger amount of time.” 

This is the backdrop against which cleared repo becomes attractive – but only if firms can access it.

The access problem: unchanged in theory, transformed in practice

In 2025, the challenge was clear: CCP membership was too heavy and brings along default fund exposure, sponsored access still required full CCP and CSD membership, and onboarding could take a year or more. Many mid‑size institutions simply couldn’t justify it.

Jacobs summarises the reality: “Being a direct member or sponsored member is only for the lucky few, the top 1% of the market.”

And even for those who qualify, the operational burden is significant: “You have to have a dedicated project team… you have to participate in default management… and if your bid is poor, your default fund contribution is penalised.”

This is why thousands of European banks, insurers, and asset managers were effectively precluded from cleared repo – despite rising liquidity needs.

The Dutch legal nuance that unlocked the model

What has changed is not the regulatory landscape, but the ability of ABN AMRO Clearing to operate under the Dutch lastgeving (mandate) framework, which allows the bank to act on behalf of the client, rather than as principal.

Jacobs explains the difference with a simple cycling metaphor: “In the Dutch legal model, you would go to a bike store to buy the bike on behalf of the client. In the English legal model, you would buy the bike in the store and sell it to your client.”

In this Dutch model, ABN AMRO Clearing does not create offsetting repo trades, meaning:

  • its balance sheet is not inflated,
  • repo clearing becomes commercially viable to offer,
  • and clients avoid the heavy infrastructure of accessing direct membership.


As Jacobs puts it: “We can offer cleared repo, cleared IRS, cleared derivatives… and it does not inflate our balance sheet any differently.”

This is the structural innovation that allowed ABN AMRO Clearing to become the first mover.

Plug‑and‑play access is now real – not theoretical

Over the past year, ABN AMRO Clearing has built the operational fabric around its repo clearing offering. Clients now receive:

  • Direct Clearstream (settlement) accounts
  • EMIR and SFTR regulatory transaction reporting handled as part of the service
  • Direct access to repo trading platform(s) 
  • Full collateral and margin management services


Jacobs emphasises the practical support: “We take clients by the hand in how the day‑to‑day process will look… we have found a way that minimises the effort for our clients.” This is what transforms a clearing model from possible to usable.

The market response: broader and stronger than expected

What surprised ABN AMRO Clearing was not the interest – but its breadth.

Jacobs admits: “I thought first it was most attractive for asset managers. But we now see that banks are also really interested… and that’s a large market.”

The numbers speak for themselves: “There are over 4,000 banks in Europe… and we expect that a large part of them seek access to CCP cleared liquidity.”

ABN AMRO Clearing has now gone live with its first client, and the onboarding pipeline is described as “very strong”. Firms want to see the model working – and early adopters are already stepping in.

Jacobs captures the mood: “There’s a direct sense of: yes, this is something that is useful.”

What firms should consider next

While the model reduces complexity, it doesn’t eliminate operational responsibility. Jacobs is careful to set expectations: “It is not simply saying, open an account and let’s go for it.”

Financial institutions still need to think about how they ingest reports, how collateral flows will work, and how to prioritise internal IT resources.

But the heavy lifting – CSD access, regulatory transaction reporting, clearing membership – is now handled.

A year later, the thesis holds – and the market is catching up

The story today is not about a new service. It is about a market structure shifting under regulatory pressure – and a clearing bank that positioned itself to legally and operationally move first.

Jacobs summarises the moment with clarity: “We see a real appetite… this is a new market.” Cleared repo is expanding – not because the financial industry suddenly wants innovation, but because increasing demand for liquidity makes accessing the cleared repo market more attractive. ABN AMRO Clearing has just positioned itself to be ready first.