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4. How big is the repo market?
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There are large repo markets in Europe and the US, and rapidly emerging (although still relatively small) repo markets in China and a number of African countries. The ICMA’s semi-annual survey of the European repo market in December 2014 produced a figure of about EUR 5.5 trillion in terms of outstanding repo contracts for the survey sample (which includes the most active participants in the European repo market but is not comprehensive). At about the same time as the ICMA survey, the Federal Reserve Bank of New York reported that the outstanding repo business of its primary dealers (who may account for as much as 90% of the US market) as almost USD 4.6 trillion (about EUR 4 trillion). The ICMA Centre at Reading University has suggested that the global commercial market, although it has contracted since 2007, may be up to EUR 15 trillion in size.

The results of the ICMA’s semi-annual survey of the European repo market, which has been conducted since 2001 and is the most authoritative source of regional repo market data, are published here (see also question 36).

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