All clear? Structural shifts add to repo madness

Many things contributed to 10% repo, among them a FICC programme and a surge in overnight funding 1119 Lead story Stephen Lee
Stephen Lee,

On September 17, rates on overnight repo, backed by the bedrock pledge of US Treasuries, suddenly lurched to 10% from typically low single digits in a session that turned into a feral lunge for cash.

In some corners of the market, traders pleaded for cash; in others, people holding it gloated. 

“At dinner and drinks that night, I did hear people bragging that they made 400 basis points selling into overnight repo,” says the head of a broker-dealer in New York.

One hedge fund manager said he

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: