The Treasury repurchase (repo) market helps facilitate trading in the world’s deepest, most liquid government securities market. Repos involve a party borrowing cash from another while posting Treasury securities as collateral and paying interest. Borrowing in the repo market takes place most commonly overnight, although a repo’s term could be for any mutually agreed upon time, such as one week or one month. This post explores some of the ways in which the Treasury repo market, both in the tri-party and the bilateral segments, has changed over the past several years, including: (1) the volume of market activity, (2) the relative price of repo, and (3) direct repo trading without a dealer intermediary. Although this market has undergone a variety of changes since the financial crisis, the Treasury repo market continues to function well. […]