Repo
How window-dressing distorts US repo markets
Banks crush their repo balances periodically to massage systemic indicators, with far-reaching consequences for borrowing rates
Dealers prep for year-end equity financing surge
Cost of funding equity derivatives bets blew out to 227bp in 2024 and is ticking higher again
Crypto ETFs gatecrash the US Treasury repo market
Counterparty Radar: Volatility Shares tapped $13 billion in repo funding in Q2
BlackRock and DRW execs bullish on tokenisation potential
DRW’s Don Wilson expects every instrument to be traded on-chain in five years’ time
Market awaits GMRA green light after China repo relaxation
Icma reviewing new PBoC rules and “potential implications” for GMRA eligibility onshore
SFT exposures surge at EU banks
Jump in repo and securities lending activity across 31 European dealers elevated total exposures to €802bn in H1
Interest rate risk rules need more work, says Fed’s Barr
Former vice-chair for supervision also tells Risk.net his redraft of Basel III would have softened NMRFs
Morgan Stanley sees the elephants in the room
Talking Heads 2025: Hedge fund crowding means macro markets have fatter tails, argues fixed income co-head Jakob Horder
Accounting fix brings FICC agent clearing a step closer
SEC accepts Sifma interpretation, but firms still need their own opinion and capital clarity
US Basel III endgame: a credit risk calibration conundrum
If regulators want to finalise the rules, they should strip out gold plate and cancel a haircut
US MMFs clear record 37% of repos through FICC
Trades executed via sponsored model reach $1.1 trillion in July
BoE’s Benjamin on non-bank liquidity and market resilience
Why the UK central bank’s financial stability head is considering further reforms to the gilt market
Regulators urged to keep specials out of repo haircut debate
Industry experts say negative haircuts on scarcer collateral shouldn’t be seen as alarming
FICC’s new clearing model sparks praise – and intrigue
Some think collateral-in-lieu concept could be applied to a wider range of trades, beyond MMF repos
OTC books grew in 2024 but remain below peaks
Dealer Rankings 2025: US fund and insurer books were larger in 11 of 16 markets
Bank of America extends repo cash borrowing surge with Pimco
Counterparty Radar: US bank's mutual fund repo borrowing jumps five-fold in six quarters to pull away from rivals
Collateral cushions swell as US hedge fund borrowing tops $5.6trn
Top 10 funds’ borrowing becomes 3.7% over-collateralised amid record Q1 leverage
FICC’s Klimpel on ironing out the kinks in UST clearing
Focus shifts to margin efficiency and capital treatment of cleared trades
NY Fed’s push for repo haircuts gets a tepid response
New risk management standards could make it harder to finance US Treasury purchases
BoE analysis sparks debate over reuse of repo collateral
Central bank policy analyst contends reuse of collateral may amplify volatility in repo rates
BoE takes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing