FICC takes record bite from MMF repo investments
Funds shift cash from the Fed’s ON RRP as cleared repos hit $1.11trn
The proportion of US money market funds’ (MMFs) repurchase agreements routed through a central counterparty jumped sharply in Q3 as funds pulled back from the Federal Reserve’s overnight reverse repo (ON RRP) window to levels last seen in early 2021.
At end-September, a record $1.11 trillion of MMF repo investments – equivalent to 40.2% of the total – were cleared via the Fixed Income Clearing
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