Private Repo Venues

The four private venues for repo trades include:

1) BONY Tri-Party Platform
2) DVP and GCF Repo (interdealer)
4) Uncleared bilateral (NCCBR)

Big difference are the technical details related to settlement and clearing of the collateral:

Settlement involves the delivery of securities from one party to another, which usually takes place against payment. On the Tri-Party repo platform, a "custodian bank" acts as an intermediary by taking custody of the collateral. The Bank of New York Melon (BONY) operates the only Tri-Party platform in Treasury repo. Likewise, bilateral repo does not involve BONY to take custody of the collateral.

Clearing banks perform the operational back office work of the transaction such as collateral valuation, securities custody, and payment settlement. While it may seem less important to understand this distinction when it comes to repo, note that regulators are mandating all repo trades to be centrally cleared by June 30, 2026 — effectively eliminating the largest repo venues NCCBR and TPR.

What's most important is just understanding what a repo is.