The repurchase agreement (repo) market is an important component of the U.S. financial system, providing trillions of dollars of daily funding to large financial institutions and facilitating liquidity for U.S. Treasurys and other securities. The repo market allows participants to borrow cash against securities pledged as collateral, with an obligation to repurchase those securities in the future.
The U.S. repo market has four segments, which are distinguished by whether transactions are cleared through a central counterparty and whether a third-party custodian manages the pledged collateral. Transactions in the non-centrally cleared bilateral repo (NCCBR) market segment use neither a central counterparty nor a triparty custodian. In 2022, we estimated that NCCBR has more than $2 trillion in outstanding commitments each day. Certain characteristics of the NCCBR market segment pose unique risks to financial stability relative to other segments. However, data gaps have limited the ability of financial regulators to monitor risks and vulnerabilities in this segment.
To better understand this segment of the repo market, in June 2022, we conducted a pilot survey of transaction-level repo data from nine dealers in the NCCBR Pilot Data Collection.
Rule to Establish an Ongoing Data Collection
In May 2024, we adopted a Final Rule to establish an ongoing data collection of non-centrally cleared bilateral transactions in the U.S. repo market, the last repo market segment lacking a transaction-level data source. On April 1, 2025, we extended the compliance date for Category 2 Covered Reporters to June 30, 2025. This collection will fill a critical data gap, supplementing the transaction-level information already available to the official sector on the triparty and centrally cleared market segments.
Covered Reporters are financial companies with large exposures to the NCCBR market, meaning at least $10 billion in NCCBR outstanding. Financial companies are defined as Covered Reporters under two categories. The first category focuses on brokers and dealers, while the second focuses on other financial companies. For the definition of Covered Reporter, see 12 CFR § 1610.11(a).
The Final Rule became effective July 5, 2024, and Covered Reporters can begin testing their data submissions at any time. The timeline for financial companies that are Covered Reporters as of the effective date of the Final Rule, as amended, is:
| Submissions testing can begin as early as… |
Compliance Date | Daily reporting begins no later than… |
|
|---|---|---|---|
| Category 1 Covered Reporter | July 5, 2024 | December 2, 2024 | December 3, 2024 11 a.m. ET |
| Category 2 Covered Reporter | July 5, 2024 | June 30, 2025 | July 1, 2025 11 a.m. ET |
We encourage Covered Reporters to begin testing as early as possible.
We encourage financial companies that meet reporting requirements to reach out to the OFR at OFR_SFT_2_DataOps@ofr.treasury.gov. OFR staff will provide onboarding instructions, set up Covered Reporters with connectivity to our Data Collection Utility (DCU), and assist with submission testing as soon as they are ready. Other NCCBR-related questions can be directed to NCCBR_General_Inquiries@ofr.treasury.gov.
We have published a number of products to help financial companies determine if they qualify as covered reporters and to aid them in the reporting process. These may be updated periodically as needed.
Frequently asked questions about NCCBR reporting
Related Documents
PRESS RELEASE | MARCH 25, 2025
Office of Financial Research Extends to June 30, 2025 the Compliance Date for Rule on Non-centrally Cleared Bilateral Repurchase Agreement Data Collection
PRESS RELEASE | MAY 6, 2024
OFR Adopts Final Rule for Data Collection of Non-centrally Cleared Bilateral Transactions in the U.S. Repurchase Market
NOTICE OF PROPOSED RULEMAKING (NPRM) | JAN 5, 2023
Collection of Non-Centrally Cleared Bilateral Transactions in the U.S. Repurchase Agreement Market
PRESS RELEASE | JAN 5, 2023
Office of Financial Research releases Proposal to Collect Data on Certain Repo Transactions
FACT SHEET | JAN 5, 2023
NCCBR Notice of Proposed Rulemaking Fact Sheet
BLOG | DEC 5, 2022
OFR’s Pilot Provides Unique Window Into the Non-centrally Cleared Bilateral Repo Market
BLOG | AUG 24, 2022
Non-centrally Cleared Bilateral Repo
FROM THE DIRECTOR | AUG 1, 2022
OFR Continues Efforts to Fill Key Gap in Financial Data