

BNP Paribas grew share of MMF Treasury repo over Q3
French bank BNP Paribas was the top commercial bank counterparty to US money market funds (MMFs) for Treasury repo at end-September, and has grown its share of this business consistently following the coronavirus-inspired market panic.
US MMFs piled $1.07 trillion of cash into repo markets on September 30, of which $629.6 billion used US Treasury bonds as collateral. Funds conducted 13% of these US Treasury repo trades with BNP Paribas. This is up 11% from end-June and less than 7% at end-March
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