The Bank of England’s (BoE) September 2025 discussion paper on gilt repo clearing addresses what some see as an extraordinary market failure: £1.8 trillion ($2.4tn) in daily gilt repo turnover and 50%+ of non-centrally cleared transactions occurring at zero haircuts. In the likely event the proposal moves forward, dealers and clients can take advantage of cross-Atlantic regulatory harmonization to reimagine their infrastructure and reshape competitive positioning.
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