Xtrakter, the fixed income market utility, released figures today highlighting an increase in TRAX repo nominal value by 31% in Q1 2008.
The total nominal value for repos processed by TRAX in Q1 2008 was 9.4 trillion, an increase of 31% when compared to total nominal value 7.1 trillion for Q4 2007. The number of repo transactions for the same period also increased by 16.8% overall.
Further analysis of TRAX figures highlighted; Open Repo increased by 47%, Term Repo increased by 31% and Buy-Sell-Backs increased by when compared to their Q4 2007 figures. The overall TRAX figures for Q1, 2008 are as follows: Buy-Sell-Backs, 5.5 trillion; Term Repo, 3.7 trillion and Open Repo, 128.9 billion.
“The importance of the repo market can not be over estimated, our TRAX data clearly shows the repo market continues to show strong resilience and growth, despite the credit crunch,” says Kevin Milne, CEO, Xtrakter.
TRAX processes approximately 5,000 repo trades a day with an average daily volume of 144 billion.