Affiliate repo accounts for sixth of US market – OFR brief
Internal trades carry significantly lower haircuts than non-affiliate repos
Affiliate repo accounted for one-sixth of the US repo market in the second half of 2025, according to an Office of Financial Research (OFR) brief.
The trades, conducted between entities with the same parent financial institution, made up $2.1 trillion of average daily outstanding repo positions, or 16.6% of the US total. The bulk of this was in the non-centrally cleared bilateral repo (NCCBR)
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