An Introduction to Repo Markets, 3rd Edition

“Providing a revealing insight into global repo markets and instruments, An Introduction to Repo Markets presents an accurate practitioner’s guide to a market that is often difficult to understand.” Bhavin Parmar, Equity Finance Trading

The repo markets are a vital part of the global financial system. Repo is used by virtually all market participants, as a funding and liquidity tool. The third edition of Professor Moorad Choudhry’s benchmark reference text An Introduction to Repo Markets brings readers up to date with the latest developments. It offers a detailed yet accessible and reader-friendly look at the instrument itself and its variants, and is aimed specifically at newcomers to the market or those unfamiliar with modern fixed income products. The author capitalises on his wealth of experience in the money markets to present this concise yet in-depth coverage of repo, set in the context of the financial markets as a whole.

Topics covered include:

• Repo mechanics
• Uses and applications
• Basket repo
• Synthetic repo and the total return swap
• The money market yield curve
• The Global Master Repurchase Agreement

Topics are well illustrated with Bloomberg screens, worked examples, exercises and case studies. Related issues such as financial market arithmetic are also introduced as necessary background for students and practitioners. This is essential reading for all those who require an introduction to the money markets and repo.