Who Participates in Repo?

The U.S. repurchase agreement (repo) market links cash lenders to cash borrowers through short-term collateralized loans. This brief summarizes some facts about lenders and borrowers in the U.S. repo market using the new non-centrally cleared bilateral repo (NCCBR) data collection from the Office of Financial Research (OFR) combined with existing OFR transaction-level data. We quantify outstanding repo positions of financial institutions by type and identify which are net lenders versus net borrowers, within and across market segments. In H2 2025, total daily outstanding positions of both lenders and borrowers across all segments in the U.S. repo market averaged $12.5 trillion. Government-sponsored enterprises (GSEs), money funds, and other investment funds lent nearly $3.5 trillion on net. On the opposite side, hedge funds borrowed more than $1.8 trillion on net. Broker-dealers and banks account for the majority of gross activity but hold small net positions except in the tri-party segment where they are large net borrowers.