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Jeff Snider Asks Why is so MUCH REPO NOT CENTRALIZED and Centrally Cleared

by Larry Chiang on June 9, 2023

Jeffrey P. Snider

⁦‪@JeffSnider_AIP‬⁩

Most shocking part of bilateral repo (not centrally cleared) is the thin even non-existent haircuts on collateral. Three-quarters of USTs are given zero haircut. You can see why borrowers want to be here, but why are dealers not demanding more margin?
buff.ly/42sShxD pic.twitter.com/f5fNeqzkju

6/8/23, 10:33 PM

Jeff Snider Asks Why is so MUCH REPO NOT CENTRALIZED and Centrally Cleared

Jeffrey P. Snider

⁦‪@JeffSnider_AIP‬⁩

Not only do authorities have no real idea what’s going on in repo, dealers at the center of bilateral repo don’t really know what’s going on, either.

buff.ly/42sShxD pic.twitter.com/uold1N8msd

6/8/23, 10:32 PM

Jeff Snider Asks Why is so MUCH REPO NOT CENTRALIZED and Centrally Cleared

Jeffrey P. Snider

⁦‪@JeffSnider_AIP‬⁩

One reason why it is so difficult to get a handle on collateral and therefore money, most of what happens in repo takes place in the shadows beyond the reach of any authorities.
buff.ly/42sShxD pic.twitter.com/BWSRMBIeeO

6/8/23, 10:28 PM

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