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Repo over the Financial Crisis

Author

Listed:
  • ADAM COPELAND
  • ANTOINE MARTIN

Abstract

This paper uses new data to provide a comprehensive view of repo activity during the 2007 global financial crisis. We show that activity declined much more in the bilateral segment of the market than in the tri‐party segment. Surprisingly, a large share of the decline in activity is driven by repos backed by Treasury securities. Further, a disproportionate share of the decline in repo activity is connected to securities dealer's market‐making activity. In particular, the evidence suggests that at least part of the decline is not driven by clients pulling away from securities dealers because of counterparty credit concerns.

Suggested Citation

  • Adam Copeland & Antoine Martin, 2025. "Repo over the Financial Crisis," Journal of Finance, American Finance Association, vol. 80(2), pages 911-936, April.
    • Handle: RePEc:bla:jfinan:v:80:y:2025:i:2:p:911-936
    DOI: 10.1111/jofi.13406
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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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