BNP Paribas is biggest fish in shrinking repo pond

Counterparty Radar: US retail funds cut their repo exposure in Q2 to the lowest level since 2020


BNP Paribas grew its non-cleared repo book with US retail funds by nearly 40% in the second quarter despite the industry’s aggregate volumes dropping nearly 12%.

The combined value of all repo transactions by mutual funds and exchange-traded funds stood at roughly $107.3 billion at the end of June, down from $121.3 billion three months earlier. That was the lowest total reported in US Securities and Exchange Commission filings since these disclosures began in the first quarter of 2020

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