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The NCCBR Rate #primers

One rate is missing from the official statistics: the NCCBR (non-centrally cleared bilateral repo) rate. Presently, not enough data has been collected to produce an official dataset on this segment, which is odd, as it’s the biggest repo venue by far!

Just like cleared bilateral repo (the FICC’s DVP service), dealers connect cash lenders and cash borrowers, with hedge funds being the major borrowers and lenders in NCCBR — again, because of this segment’s ability to facilitate leveraged trades.

NCCBR also includes repo activity from some broker-dealers, banks, REITs, pension funds, sovereign wealth funds, and insurance companies.

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