Qu'est-ce que « Tri-party and bilateral repo » ?

In tri-party repo a clearing bank acting as agent holds the collateral, allocates it from the borrower’s inventory according to the lender’s eligibility schedule, values it and applies the haircuts; the lender is lent against a basket, never a specific security. In bilateral repo the two sides settle directly, delivery versus payment, and the cash lender can ask for a specific security.