ECB’s LTROs contribute to 12% drop in repo transactions

declining market

The European repo market contracted sharply in the second half of 2012, driven in large part by the European Central Bank's (ECB) long-term refinancing operation (LTRO), according to the latest European repo market survey by the International Capital Markets Association (Icma).

Based on feedback from 57 institutions that participated in each of the last three semi-annual surveys, gross repo positions shrank 6.6% in the second half of 2012, and 11.9% year-on-year.

Richard Comotto, a senior

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