Office of Financial Research (OFR)
FICC-cleared MMF reverse repos hit record high in June
Non-Fed reverse repos exceed $3 trillion for the first time
Large hedge funds push leverage to post-pandemic high
OFR data shows renewed build-up as regulators eye reporting changes
MMFs’ Fed repos dwindle to five-year low
Just four managers account for remaining balances as funds shift to Treasuries and repos with dealers
Repo market exposed to $100 billion-plus cyber tail risk, OFR warns
Concentration and time-of-day vulnerabilities amplify impact of extreme outcomes
Treasury repo clearing mandate would free up $207bn leverage exposures for G-Sibs
OFR estimates repo clearing share would jump from 45% to 77% under SEC rules
FICC-cleared MMF repos hit record share in December
Trades routed via clearing house hit $1.3trn, outpacing overall MMF repo expansion
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
US MMFs clear record 37% of repos through FICC
Trades executed via sponsored model reach $1.1 trillion in July
Saved by the Byrd? The fight over the OFR’s future
Dodd-Frank made it the premier data-grabber, and the financial world doesn’t like it
Regulators urged to keep specials out of repo haircut debate
Industry experts say negative haircuts on scarcer collateral shouldn’t be seen as alarming
Collateral cushions swell as US hedge fund borrowing tops $5.6trn
Top 10 funds’ borrowing becomes 3.7% over-collateralised amid record Q1 leverage
Citadel exec questions regulatory findings on repo haircuts
Isda AGM: OFR analysis didn’t account for excess collateral held against cleared positions in related trades
Repo clearing rule could raise SOFR volatility – OFR analysts
Analysis of 2022 data finds large divergence in tail rates but no change in median
US hedge funds post near-record low share of securities collateral
SEC data shows $3.66 trillion tied to posted securities at end-2024, down 10% in three months
US MMFs retrenched to Fed repos as 2024 wrapped up
Allocation needs trump yields, boosting RRP exposure by 125% in December
US MMFs clear record one-third of repos via FICC
Trades executed through sponsored access hit a $865 billion high at end-2024
US MMFs tilted from repo to cash USTs in November
Outright allocations captured growing share of funds’ record cash pile
Breaking market norms, tri-party repo rates plunge for fringe collateral
Yields hierarchy upended as cost of repo-ing equities and other volatile securities falls over a percentage point below UST repos
US primary dealers mark largest settlement failures to date under T+1
Hung-trade volumes hit highest in two years at the end of September
US MMF investments near $7trn amid short-term yield chasing
Surging inflows led some managers to turn to Fed’s RRP facility for risk-free cash allocation
US repo-clearing premium soared to post-pandemic high in Q3
Spread to non-cleared tri-party rates widened earlier and further than in previous quarters