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NewsTopic · 纽约联储回购市场研究3 min read·2026-10-12

NY Fed Researchers Map Who Borrows and Lends in the $13.5 Trillion Repo Market

New York Fed researchers Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan published the first post in a three-part series explaining repo market participants. Citing OFR 2026 estimates, they report the U.S. repo market averages $13.5 trillion in daily outstanding agreements. Hedge funds are the largest cash borrowers, with repo borrowing rising from $400 billion in 2013 to $3 trillion by late 2025 to obtain leverage. Money market funds are the largest lenders, reaching $3 trillion in January 2026, using repos as regulated short-term investments that also provide redemption flexibility.

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2026-09-28 19:00 GMT+8

The repo market is a core piece of U.S. financial infrastructure, yet its participant structure and trading motives remain poorly understood outside the industry. In an article published on September 28, 2026, New York Fed researchers Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan dissected who borrows and who lends in this market and why.

According to Office of Financial Research (OFR) 2026 estimates cited in the article, the daily amount of outstanding repurchase agreements in the U.S. is approximately $13.5 trillion, equivalent to 40 percent of U.S. GDP. A repo is essentially a collateralized short-term loan: one party sells a security for cash with a commitment to repurchase it at a prespecified price on a future date. Around 70 percent of repos are collateralized by U.S. Treasury securities, and most have an overnight maturity.

On the borrowing side, hedge funds have emerged as the primary cash borrowers. The article states that hedge funds rely on repo markets for leverage to boost their returns. In the "Treasury cash-futures basis trade," a hedge fund purchases a Treasury security and sells a Treasury futures contract to profit from the price differential, financing the purchase by borrowing cash in a repo using those securities as collateral. The data shows hedge fund repo borrowing tripled between 2013 and 2023 to reach $1.5 trillion, then doubled again over the next two years to hit $3 trillion by late 2025.

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Beyond hedge funds, U.S. branches and agencies of foreign banks (FBOs), U.S. depository institutions (USDIs), and real estate investment trusts (REITs) are also major borrowers. Their combined outstanding borrowing has ranged between $800 billion and $1.3 trillion since 2013.

On the lending side, money market funds (MMFs) dominate. MMF repo lending grew from under $600 billion in January 2013 to $1 trillion by January 2021, then nearly tripled in the following five years to reach $3 trillion in January 2026. For MMFs, repos offer a short-term investment that meets regulatory requirements on maturity and asset composition while providing flexibility to manage investor redemptions.

Notably, although hedge funds are net cash borrowers overall, they are also the second-largest cash lenders. By late 2025, hedge funds lent around $1.3 trillion in repos, a steady increase from $350 billion in early 2013. This indicates hedge funds also use the repo market to manage their own cash liquidity and perform collateral transformation. Government-sponsored enterprises (GSEs), FBOs, and USDIs are additional key lenders, jointly lending $0.6 to $1.5 trillion over the 2013-2025 period.

The article distinguishes two main repo types. In general collateral (GC) repo, the lender does not care about the specific securities received as long as they meet criteria, making it a pure funding or investment instrument. In specific issue repo, if a particular security is scarce (known as "special"), the lender accepts a lower rate to obtain that specific asset, effectively treating the transaction as a securities loan against cash collateral.

The authors also note historical context: repo market conventions changed markedly in the 1980s following several dealer failures amid rising interest rate volatility and growing Treasury supply. A key institutional feature supporting repo liquidity is that repos involving Treasury and federal agency securities are exempt from the automatic stay under the U.S. Bankruptcy Code, meaning that if a borrower defaults, the lender can generally terminate contracts, sell the securities promptly, and avoid bankruptcy delays.

Sources

  • 原文与论证libertystreeteconomics.newyorkfed.org↗
Topic

纽约联储回购市场研究

纽约联储研究人员发布系列报告,揭示美国回购市场日均未偿协议约13.5万亿美元,其中对冲基金已成为最大现金借入方,借款额从2013年的4000亿美元激增至2025年底的3万亿美元;货币市场基金则是最大贷出方,2026年1月达3万亿美元。这一结…

5 steps1 piecesUpdated 2026-10-12 19:28

How it got here

  1. 2012-10-01纽约联储发布经济政策评论,指出2007-09金融危机暴露了美国三方回购市场在抵押品分配和解约过程中的设计弱点,这些弱点可能迅速提升并传播系统性风险。
  2. 2020-08-03针对疫情期间回购市场出现的异常流动性压力,特别是期限回购市场的严重中断,纽约联储分析了原因及美联储采取的应对措施,当时市场规模约为4万亿美元。
  3. 2026-04-06研究显示美联储通过调整行政利率和资产负债表规模两种工具显著影响回购资金定价,表明即使在缩表期间也能管理融资条件。

What is still unsettled

  • 对冲基金作为最大借入方的增长是否会进一步削弱传统银行在回购市场中的中介作用?
  • 现有的三方回购基础设施改革是否足以应对当前13.5万亿美元规模下的潜在流动性冲击?
  • 美联储缩表进程如何具体影响非银行金融机构获取回购资金的成本和可用性?
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