OFR Researchers Size U.S. Repo Market at $12.6 Trillion

Researchers from the Office of Financial Research ("OFR") analyzed the latest data on the U.S. repurchase agreement (repo) market and found that total daily exposures were significantly larger than previously estimated.

In an OFR blog post, based on data fully inputted as of July 2025, the market averaged approximately "$12.6 trillion in daily ... exposures during Q3 2025"—roughly $700 billion higher than prior estimates. OFR explained that the recently implemented two-phase data collection initiative allowed for an accurate transaction-based estimate of the total market for the first time.

The OFR’s explained that data gaps have been closed citing the broad inclusion of: (i) data on tri-party repo settled by BNY and collected by the Federal Reserve Bank of New York (2015), (ii) data on cleared repo segments (from the OFR cleared repo collection) (2018), and (iii) data from the non-centrally cleared bilateral repo ("NCCBR") segment, collected in two phases from SEC registered broker-dealers (December, 2024), and a broader set of financial institutions (May, 2025).

According to the findings, the NCCBR segment accounted for the largest share of the market at $5.0 trillion, surpassing the $4.4 trillion in centrally cleared transactions and the $3.1 trillion settled on the tri-party platform. The analysis provided new details on collateral composition, revealing that U.S. Treasuries backed approximately 69 percent of all repo exposures. However, the researchers observed significant variation across market segments. While Treasuries collateralized nearly 89 percent of cleared repos, they backed only about 62 percent of NCCBR exposures and roughly 53 percent of tri-party trades.

The researchers also highlighted the prevalence of foreign currency risks within the newly captured data. They noted that the second phase of collection revealed substantial activity in non-U.S. dollar denominated repos, primarily in Euros, British pounds, Japanese yen, and Canadian dollars. They concluded that this expanded dataset offers critical insight into cross-jurisdictional vulnerabilities and stated that the data will be incorporated into the OFR’s Short-term Funding Monitor to track market dynamics.