Key facts
- Affiliate repurchase agreements made up 16.6% of the U.S. repo market in the second half of 2025.
- This segment represented $2.1 trillion in average daily outstanding repo positions.
- Affiliate repo trades occur between entities with the same parent financial institution.
- The majority of these trades were in the non-centrally cleared bilateral repo market.
Affiliate repurchase agreements accounted for one-sixth of the U.S. repo market in the second half of 2025, according to a brief from the Office of Financial Research (OFR). These trades, conducted between entities that share the same parent financial institution, represented an average of $2.1 trillion in daily outstanding positions, making up 16.6% of the total U.S. repo market. The majority of this activity was concentrated in the non-centrally cleared bilateral repo (NCCBR) segment.