Opaque NCCBR market twice as big as regulators expected
Transaction-level data reveals $5trn in non-centrally cleared bilateral repo, raising transparency and risk concerns
In its 2025 annual report to the US Congress, the Office of Financial Research revealed the results of its inaugural transaction-level data collection on non-centrally cleared bilateral repurchase agreements (NCCBRs). The findings indicate that this previously opaque corner of the repo market is much larger than regulators had anticipated.
The OFR already tracks centrally cleared repos, including
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