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The Repurchase Agreement Refined: GCF RepoMichael J. FlemingFederal Reserve Bank of New York Kenneth GarbadeFederal Reserve Bank of New York Current Issues in Economics and Finance, Vol. 9, No. 6, June 2003 Abstract: One of the largest and most important of the money markets is the market for repurchase agreements. In a repurchase agreement, a borrower of money effectively agrees to provide securities as collateral to the lender to mitigate credit risk. GCF Repo is a recent innovation in this market that reduces transaction costs, enhances liquidity, and facilitates the efficient use of collateral.
Number of Pages in PDF File: 7 Keywords: repurchase agreements, RP, repo, fails, negative interest rates JEL Classification: G28, G18, H63 Accepted Paper SeriesDate posted: March 14, 2005Suggested CitationContact Information
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