Trends in Repo Trading 2023

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Examining the Transition from Post-crisis Transparency to Trade Automation

This report examines the global marketplace for repurchase agreements, and recent trends in the development of the trading technology that corporate and investment banks utilise on either an in-house built basis or via vendor suppliers to assist in the development of e-commerce or e-trading repo franchises.

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Following the onset of the 2008 financial crisis, an ensuing period of markets re-regulation between 2010 and 2019 eventually resulted in the July 2020 go-live of the EU’s Securities Financing Transactions Regulation. As a result, CIBs and their clients / counterparties across dealer-to-client, dealer-to-dealer and Triparty markets for repo liquidity began responding to the new requirements by automating historically manual, voice-centric trading business models through the introduction of upgrades to ‘legacy’ trading technology stacks.

GreySpark believes that these changes can broadly be understood as a transition from manual to e-manual repo trading, which is characterised by the introduction of application programming interfaces and degrees of straight-through-processing as a means of smoothing the transmission of transaction data from front-office sales-trader workflows, to middle-office trade booking and risk management, and back-office post-trade processing.

This report explores those differences in the current-state of repo trading business model operations between international versus regional CIBs, and it highlights the potential e-commerce and e-trading benefits that could be gained from the further consolidation of complex sales-trader workflows through the deployment of a modular, componentised technology stack.

Published on: 6 Oct, 2023

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Description

  • 1.0 The Business Environment & External Forces Impacting the Repo Market
    • 1.1. Regulations: Market Structure & Regulatory Obligations
    • 1.2. Demand: Drivers for an Increase In & Changes to Traded Repo Volumes
    • 1.3. Supply: Trading Venues, Liquidity Provision & Post-trade Processing
  • 2.0 The Current State of Repo Trading for International & Regional Institutions
    • 2.1. Accessing Liquidity: Workflows & Business Processes
    • 2.2. Accessing Liquidity: Systems & Technology
  • 3.0 Target State & Solutions to the Identified Challenges: Enhancing User Experience
    • 3.1. Integration of Front-to-Back Operations
    • 3.2. Rationalisation of Technology
    • 3.3. Streamlining & Automation of Business Processes
  • 4.0 Appendices
    • 4.1. Table of Figures

Report Data & Figures

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