Journal Article
An empirical analysis of the GCF Repo® Service
Abstract: This article examines how dealers use the GCF Repo service. It begins by explaining the strategies that dealers employ when trading GCF Repo and then uses empirical analysis to quantify the predominance of these strategies. Looking across all dealers and all days, the study finds that on an average day, at least 23 percent of dealers focus on strategies to raise cash and at least 20 percent focus on managing their inventory of securities. This activity involves using GCF Repo to both exclusively source collateral and perform collateral swaps.
Keywords: tri-party repo reforms; GCF Repo; financial intermediation;
JEL Classification: G23; E42; G28; E58;
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https://www.newyorkfed.org/medialibrary/media/research/epr/2015/2015_epr_primer-on-the-gcf-repo-empirical-analysis_lo.pdf?la=en
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Economic Policy Review
Publication Date: 2015
Issue: 2
Pages: 25-37