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Cyber Outages Disrupt Repo Market, Costing $100B

A working paper published by the Office of Financial Research indicates that cyber-induced operational outages can disrupt the U.S. repurchase agreements (repo) market, potentially costing over $100 billion in funding and raising rates by over 50 basis points. The study highlights the importance of cybersecurity preparedness and institutional resilience.

Hedge Fund Participation in Cleared Repo and SEC Rule Readiness

The Office of Financial Research published a brief examining hedge fund participation in the cleared repo market and their readiness for the SEC Treasury clearing rule. The brief indicates hedge funds are largely operationally prepared, with balance sheet benefits for dealers being a key motivator for central clearing.

OFR Brief: Private Credit Exposures to Banks

The Office of Financial Research (OFR) published a brief on March 12, 2026, analyzing counterparty exposures between banks and private credit funds. The brief highlights that while the private credit sector's vulnerabilities appear contained, the linkages with traditional financial institutions through counterparty exposures are a key channel for risk transmission that warrants monitoring.