Affiliate Repo

By Ashlyn Cenicola, Melanie Friedrichs, Robert Mann, and Luke M. Olson

Published: May 28, 2026

A line chart comparing volume-weighted average repo rates for affiliate and non-affiliate transactions in non-centrally cleared bilateral repo. Affiliate and non-affiliate rates are generally stable and closely related.

Repo between financial companies associated with the same parent organization (i.e. affiliate repo) represents one sixth of the U.S. repo market. This brief presents the first comprehensive overview of affiliate repo, offering information on counterparties, volumes, and terms over all segments of the repo market (Brief no. 26-04).

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