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Who Participates in Cleared Repo?

Author

Listed:
  • R. Jay Kahn

    (Office of Financial Research)

  • Luke M. Olson

    (Office of Financial Research)

Abstract

The U.S. repo market, which is split among four markets, links a wide range of banks and nonbanks who lend and borrow short-term against securities pledged as collateral. This brief uses the OFR's collection of repo market data to highlight some basic facts about the two cleared repo markets. The broadness of cleared repo market participants underscores two increasingly important trends in U.S. financial markets. First, the rising importance of market-based finance among hedge funds and money market funds. Second, the global scope of U.S. financial markets, as a significant portion of net repo borrowing in cleared markets is by foreign banks. The diversity of institution types also means reference rates based on repo transactions represent a broad range of financial market participants.

Suggested Citation

  • R. Jay Kahn & Luke M. Olson, 2021. "Who Participates in Cleared Repo?," Briefs 21-01, Office of Financial Research, US Department of the Treasury.
    • Handle: RePEc:ofr:briefs:21-01
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    File URL: https://www.financialresearch.gov/briefs/files/OFRBr_21-01_Repo.pdf
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    Citations

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    Cited by:

    1. Adam Copeland & Antoine Martin, 2021. "Repo over the Financial Crisis," Staff Reports 996, Federal Reserve Bank of New York.
    2. Miguel Fernandes & Mario Pascoa, 2024. "Repo, Sponsored Repo and Macro-prudential Regulation," School of Economics Discussion Papers 0224, School of Economics, University of Surrey.
    3. Daniel Barth & R. Jay Kahn & Phillip J. Monin & Oleg Sokolinskiy, 2024. "Reaching for Duration and Leverage in the Treasury Market," Finance and Economics Discussion Series 2024-039, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Keywords

    Repurchase agreement; cleared markets; financial markets; reference rate;
    All these keywords.

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