RBC, JP Morgan become top MMF repo dealers

BNP Paribas slips to third place after 10 months in top spot

Royal Bank of Canada (RBC) and JP Morgan have dethroned BNP Paribas as the top repo dealers to US money market funds (MMFs), helped by a fall in transactions at the French bank over the last two months of 2022, data from the Office of Financial Research (OFR) shows.

As of end-December, BNP Paribas was a counterparty to 7.5% of all MMF repo assets with private counterparties – that is, anyone other than the Federal Reserve or the Fixed Income Clearing Corporation (FICC) – down from 10.3% at end

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