Who Participates in Repo?

By Ashlyn Cenicola, Melanie Friedrichs, Robert Mann, and Luke M. Olson

Published: March 31, 2026

Sankey diagram showing two-way cash flows in the NCCBR segment with broker-dealers and banks transacting with each other and providing net funding to hedge funds.

Banks, dealers, hedge funds, and money market funds participate in the repo market for different reasons. This brief presents new facts about lending relationships in the U.S. repo market, quantifying outstanding repo positions of financial institutions by type and identifying which types are net lenders and net borrowers, within and across repo market segments (Brief no. 26-03).

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