Cleared US repos hit record high as MMFs wean off Fed

Deflating tri-party volumes coincide with FICC DVP trades’ climb to $2tn

Cleared bilateral repos in the US hit a record high at the turn of the year, likely the result of the buy side pivoting away from the US Federal Reserve’s reverse repo programme (RRP) towards more remunerative trades, without sacrificing safety.

Data from the Office of Financial Research (OFR) shows volumes of repos opened daily on the Fixed Income Clearing Corporation’s delivery versus payment (FICC DVP) service grew at an accelerating pace in December 2023, eventually hitting the $2 trillion

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