Sizing the U.S. Repo Market
BY Ashlyn Cenicola, Melanie Friedrichs, Robert Mann, and Luke M. Olson
According to new data collected by the OFR, the U.S. repurchase agreement (repo) market averaged about $12.6 trillion in daily exposures in Q3 2025, a number that is about $700 billion larger than previous estimates.
Of the $12.6 trillion in daily average exposures in Q3 2025, $4.4 trillion was centrally cleared by the Fixed Income Clearing Corporation with another $3.1 trillion settled on Bank of New York Mellon’s (BNY’s) tri-party platform (excluding centrally cleared). NCCBR accounted for the remaining $5.0 trillion.
The full blog post is available here.