The Repo market is $3-$4T per day. That is what the custodian (Bank of NY Mellon) and the primary dealers report.

What happens with the bilateral agreements? We honestly can only guess. There is no way to track an overnight agreement between a bank in Cyprus and one in the UAE.

What we do know is there is a collateral shortage and pristine collateral is US Treasuries. There is about $@0 trillion of those out there and there is a shortage.

So how much is being done each day? We can only guess.

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