Stats › Intraday et microstructure de marché › Repo haircuts
Three quarters of bilateral Treasury repo trades have no haircut at all
| Mesure | Valeur | Source type |
|---|---|---|
| Zero haircut share, bilateral Treasury repo | 75% | central bank blog citing a research office |
| Zero haircuts in hedge fund cash borrowing | described as the dominant category, no percentage printed | international body |
| Cleared euro repo initial margin | 2 to 4 per cent | the same |
| Leverage at a 0.5 per cent haircut | 200 times, stated as an illustration | the same |
| Treasury repo haircuts in an earlier study | often around 3 per cent or less | research office |
| Implied leverage at that haircut | above 30 to 1 | the same |
| Bilateral segment daily outstanding | about 5 trillion dollars | research office |
| Total repurchase agreements outstanding, end 2025 | 5,887 bn dollars, up 19.1% on the year | central bank |
The zero haircut share is the single most consequential number in this market and it is published as a citation inside a blog post, attributed to a 2023 research office study with no as of date given. The international body's own bulletin shows the share in a chart and prints no percentage. The leverage figure of 200 times is stated as an illustration rather than as an observed quantity.
Seventy five per cent of non centrally cleared bilateral Treasury repurchase trades carry a zero haircut. A haircut of half a per cent allows a borrower to hold assets worth two hundred times their equity.
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