Key facts
- Affiliate repurchase agreements constituted 16.6% of the U.S. repo market in the latter half of 2025.
- These trades averaged $2.1 trillion in daily outstanding positions.
- Affiliate repo trades occur between entities under the same parent financial institution.
- The majority of these trades took place in the non-centrally cleared bilateral repo segment.
- The Office of Financial Research (OFR) released a brief detailing these findings.
In the latter half of 2025, affiliate repurchase agreements represented a substantial portion of the U.S. repo market, making up 16.6% of the total. These internal transactions, conducted between different entities under the same parent financial institution, averaged $2.1 trillion in daily outstanding positions. The Office of Financial Research (OFR) detailed these findings in a recent brief, shedding light on the structure and volume of these specific financial instruments. The majority of these affiliate repo trades occurred within the non-centrally cleared bilateral repo segment, indicating a preference for direct, un-cleared transactions between related entities. This segment of the repo market is characterized by direct negotiation and agreement between two parties, without the involvement of a central clearinghouse. The OFR's analysis underscores the importance of understanding these internal market dynamics to grasp the full scope of the U.S. repurchase agreement landscape. The brief provides data on the average daily outstanding positions, offering a quantitative measure of the market's reliance on affiliate repo activity during the specified period.