Money market funds trading in the US repo market are now placing more cash at the Fixed Income Clearing Corporation than at banks, completing a shift begun last year.
A subsidiary of the Depository Trust & Clearing Corporation, the FICC became the number one counterparty for repo trades backed by US Treasury securities for the first time in November – hitting $85.3 billion for the month, according to data from the Office of Financial Research. That was $8.9 billion more than money market fund
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