When we founded TreasurySpring, we had a simple goal: to bring the same access, security, and quality of cash investment products enjoyed by the largest financial institutions to every treasury and finance professional, irrespective of their size, business, or location. And to do it through a single onboarding to an intuitive digital portal, without the need for our clients to build any of the complex, expensive, and frankly arcane infrastructure that access traditionally requires.
There were also a few critical rules that we promised ourselves would remain sacrosanct as we built the business:
Over the last several years, we have made good progress towards that goal and, whilst we have taken lots of twists and turns along the way, the rules have never changed. We’ve built a lot in seven years and have now issued over $300bn of our Fixed-Term Funds, with tenors ranging from seven days to 13 months, offering access to over 1000 FTFs from 115+ issuers in eight different currencies on any given day. But there has always been a piece missing.
Many of our clients, and indeed huge swathes of the global cash investment market, carry a large balance of cash which they don’t need for general day to day operating purposes, but which they can’t be sure that they won’t need for the next week – things change, cashflow forecasts are unreliable, and margin requirements are unpredictable, after all.
As the shortest maturity FTFs on our platform ran for one week, this has always been a need that we could not serve. So we wrestled with the question: how could we solve this, whilst sticking to our principles of building scalable products that were always maturity matched and paid attractive risk-adjusted returns? How could we deliver a product that offered increased security and unconditional next-day liquidity but without run risk? It really wasn’t obvious…
Last week, we launched One+. In collaboration with Eurex Clearing and Clearstream, it answers that need for next-day liquidity, robust security, attractive rates, and operational simplicity. One+ FTFs from TreasurySpring will provide maturity-matched access to centrally cleared, over-collateralised repo through the same intuitive portal as all of our other products, without the need for any additional documentation or onboarding. In a few clicks, we are opening the door to a part of the market that has, until now, been the exclusive domain of the largest global banks and institutional investors – the bedrock of the secured funding markets which underpin Europe’s financial system.
So why the name One+? Because “One” designates the one day liquidity, the one simple portal, and we believe the number one next-day cash investment option in the market. And because it offers all of those benefits plus increased security through the central counterparty framework, plus an attractive wholesale rate, plus an investment that provides unconditional liquidity on its maturity date.*
Anyone who worked in capital markets during the financial crisis will remember what it felt like when liquidity disappeared almost overnight. Instruments that traded freely and deeply suddenly couldn’t be sold or rolled. Funding evaporated, and confidence went with it. It was a painful reminder that liquidity, not just credit, is the lifeblood of the system.
In the years that followed, regulators set about redesigning the market’s plumbing. They promoted and incentivised more and more wholesale trading through central counterparties (CCPs) – institutions created to stand between buyers and sellers, absorb shocks, and ensure that even if one participant fails, the system continues to function.
In many ways, that philosophy is the same one that shaped TreasurySpring. Both aim to make markets safer by standardising access, securing exposure, and taking unnecessary risk out of the equation.
Today, central clearing is recognised as one of the most effective ways to reduce systemic risk. Banks receive capital benefits for using it, and regulators across Europe and the US continue to expand its reach. Yet, direct access remains limited to a small group of members.
That’s the barrier we set out to break.
By collaborating with Eurex Clearing, we’ve made this exclusive market available through the same platform our clients already use. There’s no membership requirement, no operational lift – just a straightforward way to place cash in a structure that offers next-day liquidity with the transparency and risk management advantages of central clearing and collateralisation.
Beyond the benefits to our clients, this collaboration supports a wider shift towards more diverse, collateral-based, and less maturity-transformed funding markets. It’s a model that regulators have encouraged for years, and one that we believe ultimately makes the system more resilient for everyone.
From the beginning, TreasurySpring has been about giving investors choice without compromise: security, liquidity and yield, in balance. One+ is the epitome of that trifecta – a way to hold liquidity that’s both accessible and protected, the ripcord you can reach for when you need it, without giving up the peace of mind that your cash is fully secured.
One+ from TreasurySpring is about delivering the missing piece of the cash management puzzle. It's about adding another important building block into the liquidity toolkit that our platform provides. And it’s about proving that the same discipline that we have applied to unlocking the best risk-adjusted term investments can work across the entire liquidity spectrum.
I have written many times about the lessons that Matthew, James, Henry, and I learned through the financial crisis of 2008. The markets are a scary place when the world runs short of trust and cash stops flowing. One+ is built on those lessons and in answer to those challenges. It’s a product designed for stability, transparency, and access, even when the unexpected happens. It’s secured today, liquid tomorrow. What’s not to like about that?
*Subscriptions to One+ are subject to clients completing initial AML/KYC, reaching minimum investment amounts, and the terms and conditions of Eurex Clearing AG from time to time.
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TreasurySpring’s blogs and commentaries are provided for general information purposes only, and do not constitute legal, investment or other advice.