The OFR released Brief 26-03 presenting new empirical facts about the U.S. repo market, specifically analyzing lending relationships and net positions across market participants. The research quantifies outstanding repo positions for banks, dealers, hedge funds, and money market funds, identifying the roles each plays as net lenders or borrowers within and across repo market segments. The analysis includes Sankey diagrams illustrating bilateral cash flows in the NCCBR segment.

This is an informational research brief with no regulatory requirements or compliance obligations. Financial institutions and fund managers may review the findings to understand market structure and counterparty dynamics in the repo market. No deadlines, penalties, or required actions are associated with this publication.