Morgan Stanley grows overnight and open repos as rivals retreat

Dealer adds $30 billion on its book while peers shift to longer tenors

Morgan Stanley’s overnight and open repo obligations ballooned by 48% in the third quarter, in stark contrast to retrenchments by rival broker-dealers, largely in favour of term repos.

Securities for next-day or on-demand repurchases surged $30.4 billion during the period, reaching $93.9 billion. Risk Quantum understands that this was linked to the external financing of client activities, largely through central counterparties (CCPs).

The surge helped drive total repo liabilities up 31% to

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