Repo agreement
BNP Paribas leads EU banks on repo exposures
French bank increased securities financing transactions by €66bn in the first half of the year, the most among the bloc’s top lenders
US MMFs invested more in riskier repo trades in December
Year-end surge also occurred in 2017 and 2019
SOFR trading surged at year end
End-2020 volume and rate spike was muted compared to previous years
BNP Paribas grew share of MMF Treasury repo over Q3
French bank accounted for 13% of traded volume as of end-September
BNP Paribas again leads eurozone banks on repo exposures
French bank increased exposures 69% over the first six months of the year
Counterparty risk capital charges up 20% at top UK banks
StanChart CCR capital requirement jumps 41% over the first quarter
Hedge funds levered up in 2018
Relative value funds have highest adjusted leverage, at 7,155%
Prime services – It’s about what you bring
There are many benefits to integration – particularly when it comes to the provision of prime services. Societe Generale has followed this path, which has allowed it to improve cost efficiency and improve the range of products it can offer. The bank has…
Tri-party repo and collateral businesses feather BNY Mellon’s earnings
Non-cleared margin rules and US Treasury issuance behind revenue surge
JP Morgan borrowed $240bn in fed funds and repo markets in Q3
Average quarterly balance was 30% up year-on-year
Repo exposures pile up at BNP Paribas
French bank had €388 billion of repo exposures at end-June
HSBC leads foreign banks in fed fund and repo borrowings
Large intermediate holding company money market borrowings equivalent to 15.9% of total assets
Fed fund and repo borrowings top $1trn at big banks in Q2
JP Morgan had 16.8% of total outstanding borrowings of the largest banks at end-June
US banks demand high rates for overnight loans
Most banks demand 25bp-plus spread over IOER to lend unsecured
US G-Sibs keep on expanding repo books
JP Morgan has increased repo exposure by 34% year-on-year
MetLife executes $250 million SOFR-linked repo
Isda AGM: US insurer's hedging chief says systems issues hindering its use of derivatives, however
Traders back SOFR derivatives as repo hedge
Isda AGM: Market participants say products linked to the rate could mitigate quarter-end spikes
Credit Suisse drains HQLA as business migration risk ebbs
Total HQLA fell Sfr13.5 billion to Sfr188 billion in Q3
BNP Paribas grows SFT assets 36%
French bank has overtaken Barclays to become the largest European SFT dealer
Benefits and risks of central clearing in the repurchase agreement market
In this paper, the authors quantify the potential direct economic benefits to market participants and increased risks to CCPs of moving bilateral repo transactions between US dealers and their nondealer clients to CCPs.
Tri-party repo switch prompts Credit Suisse liquidity boost
Swiss bank LCR surges to 226%
EU banks toughen terms for OTC trades – ECB
Credit conditions for SFT and OTC derivatives tightened over past three months
