Sizing the U.S. cross-border repo market

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Abstract

Repos involving at least one non-U.S. counterparty make up a large share of the U.S. repo market, with the greatest concentration in non-centrally cleared bilateral repo (NCCBR). Using OFR’s new NCCBR data, the authors find that cross-border cash flows within NCCBR are split almost evenly between flowing out and flowing in. Banks, dealers and hedge funds are the main participants: hedge funds mostly borrow cash, while banks and dealers often trade with their affiliates. Most cross-border repo is in U.S. dollars and backed by U.S. collateral. Cross-border repo broadens the investor base for U.S. securities and supports liquidity, but it can also transmit shocks across jurisdictions.

Citation

Friedrichs, M., Garriott, C., & Mann, R. (2026). Sizing the U.S. Cross-Border Repo Market. The OFR Blog.

@techreport{friedrichs2026crossborder,
  title={Sizing the {U.S.} cross-border repo market},
  author={Friedrichs, Melanie and Garriott, Corey and Mann, Robert},
  year={2026},
  journal={The OFR Blog},
  institution={Office of Financial Research}
}