US retail funds further slash repo borrowing

Counterparty Radar: Manager activity in Q3 2022 lowest in nearly three years; BofA surpasses JP Morgan as top dealer


US mutual funds and exchange-traded funds continued to pull back from the repo market in the third quarter of 2022. The combined value of all repo trades reported in the latest US Securities and Exchange Commission filings fell to roughly $114 billion – the lowest level since Q1 2020, when the data became available.

The decline was primarily driven by a decrease in cash borrowing – down to $34 billion from $37 billion in Q2. Only two years ago, in Q3 2020, this figure stood at $88 billion. Cash

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