FICC dominates US Treasury repo in Q2

The Fixed Income Clearing Corporation (FICC) was counterparty to $449.7 billion of US Treasury repos with money market funds (MMFs) over the course of Q2 2019, 20.4% of the total. The year-ago quarter, its total trade volume was $120.6 billion (6.6%) and just $5 billion (0.3%) in Q2 2017. 

The Federal Reserve was party to just 2% of all trades in Q2 2019, compared with 6.8% a year ago and down from a peak of 62.7% in Q1 2015. 

US Treasury repos with MMFs totalled $2.2 trillion over Q2, up 14

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