ICMA Report: Closed for business : a post-mortem of the European repo market break-down over the 2016 year-end
21 February 2017 ICMA
This report, by ICMA, is based on available market data and interviews with market participants (including repo market-makers, buy-side firms, and infrastructure providers). It attempts to document the market moves and behaviour in the final week of December 2016. More specifically it seeks to answer: (i) what happened? (ii) why it happened? and (iii) what possible measures can be taken to avoid future extreme dislocation?