the 2000s the collateral posted in repo markets in New York ran to several trillions of dollars a day. It was split into two markets—bilateral and triparty repo. Both were over-the-counter professional markets, which were only loosely monitored by the central banks or regulators. The best data we have is for trilateral repo where the trade was managed by a third party—either JPMorgan Chase or Bank of New York Mellon—which held the collateral for the duration of the repo.48 In triparty repo the collateral used was of top quality—almost exclusively Treasurys or agency MBS. Given the additional
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