Peer-to-Peer Repo

Backed by our market expertise and client network, peer-to-peer repo offers buy-side participants access to new pools of liquidity, providing competitive overnight and term cash investment financing through a common platform.

Program Structure

Our program allows for a variety of eligible collateral types: US Treasury and Agency securities, Agency mortgage-backed securities (AMBS), and US investment-grade (IG) corporate bonds versus USD cash.

In signing one set of documents, program participants may access the liquidity/financing available among participating buy-side firms.

  • Participants may be buyers and/or sellers under a program Master Repurchase Agreement that sets out the terms under which participants trade bilaterally with one another
  • Delivery Versus Payment (DVP) settlement occurs between Repo Buyer and Repo Seller
Program Guaranty

Under this program, we guarantee the Repo Seller’s repurchase payment obligations to Buyer.

  • Standard & Poor’s has reviewed the terms of our guaranty and affirmed that the guaranty meets S&P’s principles for credit substitution of an unrated counterparty.
Key Economic Benefits
  • Higher rates earned by cash investors relative to traditionally-offered repo rates.
  • Competitive cost of funding for cash borrowers, inclusive of our fee.
Buyside Markets Network
  • Collaborative group of buy-side investors (asset managers (trad. and non), asset owners, insurers, corporates) engaged to drive peer financing solutions tailored to their needs
  • Aim to accelerate growth and scale of peer-to-peer markets, with broad participation and supportive of multiple asset classes and currencies
  • Collective assessment of when/where cleared solutions may best serve the buy-side; drive and help shape structures accordingly