Repo markets are a critical part of the financial system, supporting market liquidity, price discovery and the efficient mobilisation of collateral, yet their role and functioning are not always well understood. A core part of ICMA’s European Repo and Collateral Council’s (ERCC) mandate is to foster transparency and a better understanding of the repo market. For this purpose, ICMA already provides a wealth of public repo-related information, including the Repo FAQs, our semi-annual European Repo Market Survey, as well as ad-hoc ERCC reports and repo market data.
Complementing these resources, the ERCC Repo Market Pulse offers timely, accessible analysis of significant market events and developments, drawing on market data and the ERCC’s extensive practitioner network.
If you have any comments or questions, please don’t hesitate to get in touch: ercc@icmagroup.org.
Latest insights
6 October 2026: September quarter-end: three currencies, three repo market outcomes
September quarter-end funding conditions were orderly overall, although the headline result conceals three quite different regional experiences. EUR repo absorbed a visible but short-lived turn before retaining a modest post-quarter-end risk premium, particularly in France and Italy. Sterling experienced the most pronounced balance-sheet-driven dislocation, despite liquidity supplied through Bank of England operations remaining substantial. By contrast, USD repo passed quarter-end with little apparent stress, supported by strong cash demand and increasingly effective intermediation.
Across all three currencies, repo markets remained more stable than the underlying government bond markets. The main message is therefore not one of systemic funding stress, but of growing differentiation: by collateral in EUR, by intermediary in GBP and by market structure in USD.
More detailed analysis.
Contacts:
Alexander Westphal
Senior Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333
Zhan Chen
Associate Director, Market Practice and Regulatory Policy
Direct line: +44 20 3617 8993
Aman Gill
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 3917 2845
