A closer look at the U.S. NCCBR market

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Abstract

The U.S. non-centrally cleared bilateral repurchase agreement (NCCBR) market has USD 5 trillion in outstanding repos. This market is becoming more transparent to the public due to more data collection. The data show that this market segment has a distinctive mix of collateral and tenor. Compared to the cleared and tri-party segments, NCCBR is the only segment using foreign sovereign bonds (USD 1.3 trillion) and is the only segment that is predominantly term (USD 2.7 trillion). The clearing mandate may move USD 1.5 trillion of NCCBR into the cleared segment, assuming no changes in participant behavior, though most NCCBR will likely remain uncleared due to the use of open term, foreign collateral and the current affiliate exemption.

Citation

Cenicola, A., & Garriott, C. (2026). A Closer Look at the U.S. NCCBR Market (No. 26-05). OFR Brief Series.

@techreport{cenicola2026nccbr,
  title={A closer look at the {U.S.} {NCCBR} market},
  author={Cenicola, Ashlyn and Garriott, Corey},
  year={2026},
  number={26-05},
  journal={OFR Brief Series},
  institution={Office of Financial Research}
}