We examine how the repo market operates during liquidity stress by applying network analysis to novel transaction …-level data of the overnight gilt repo market including the COVID-19 crisis. During this crisis, the repo network becomes more … the repo volumes and spreads during the stress relative to normal times. We find a significant increase in volumes traded …

Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers … economy through increased financing costs. The role of collateral has become increasingly significant since the global … financial crisis, partly due to regulatory reforms. Using bond-level data from both repo and securities lending markets, this …