By Bilal Hafeez 07-05-2019
In: deep-dives, Rates

Decomposing Changes in the Functioning of the Sterling Repo Market

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Decomposing changes in the functioning of the sterling repo market BoE finds changes in gilt repo market functioning over the past five years have been driven by changes in the supply of repo market intermediation by dealers, rather than by changes end-user demand. The introduction of the UK leverage ratio may have reduced dealers’ ability to act as repo market intermediaries. Here's the abstract: " We identify the degree to which changes in gilt repo…

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