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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Sponsored repo؟

Definition 5.5 Markets II: Rates, FX and Credit · الفصل 5 — Repo and Specials

In sponsored repo a dealer that is a member of the Treasury clearing house sponsors a non-member, typically a money-market fund lending cash or a hedge fund borrowing it, into the clearing house: the trade is novated to the central counterparty and nets against the dealer’s other cleared trades.

Three ways to do the same repo. Bilaterally, the cash lender can ask for a specific security. In tri-party, an agent bank allocates collateral from the dealer’s inventory to fit the lender’s schedule. Sponsored, a dealer brings both sides into the clearing house, which faces each of them, and the dealer’s two trades net.
Figure 5.1. Three ways to do the same repo. Bilaterally, the cash lender can ask for a specific security. In tri-party, an agent bank allocates collateral from the dealer’s inventory to fit the lender’s schedule. Sponsored, a dealer brings both sides into the clearing house, which faces each of them, and the dealer’s two trades net.
FICC sponsored repo volumes at each month-end, March 2020 to August 2026. Money funds lend through sponsored reverse repo, hedge funds borrow through sponsored repo; both grew four- to fivefold, with peaks at year-ends, when a netted trade is worth most to a dealer. Data: Office of Financial Research, Hedge Fund Monitor (FICC data).
Figure 5.2. FICC sponsored repo volumes at each month-end, March 2020 to August 2026. Money funds lend through sponsored reverse repo, hedge funds borrow through sponsored repo; both grew four- to fivefold, with peaks at year-ends, when a netted trade is worth most to a dealer. Data: Office of Financial Research, Hedge Fund Monitor (FICC data).
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