“We’re working on the collateral management side of things with Clearstream,” said Marcelo Fleury, the repository’s head of business development in São Paulo. “It’s in the works, but it will be a long time to delivery, probably the second half of next year. But once it’s rolled out, it’ll be the first time traders are able to use Brazilian bonds as collateral for OTC trades.”

In June, the firm signed an agreement with Clearstream, Deutsche Börse’s central securities depository, to jointly promote, develop and distribute triparty collateral management services.

The pair aim to create a multi-time-zone collateral management insourcing offering in real time. Once established, Cetip’s clients can use Clearstream’s collateral management services.