00000nam 2200000zi 4500 9.957720 CaOODSP 20251127080714 m o d f cr cn||||||||| 251127e20251124oncd ob f000 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-6/2025-14E-PDF Adams, Greg, author. The dealer-to-client repo market : a buoy on a swaying sea / Greg Adams, Evan Dudley, Jean-Sébastien Fontaine, Sofia Tchamova, Andreas Uthemann. [Ottawa] : Bank of Canada = Banque du Canada, November 24, 2025. ©2025 1 online resource (ii, 21 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier [Staff discussion paper = Document d'analyse du personnel], 1914-0568 ; 2025-14 Cover title. Incorrect series statement (Staff analytical note/Note analytique du personnel) printed in this publication. Includes bibliographical references (page 21). "In 2024, the overnight funding market experienced sustained pressure and the benchmark Canadian Overnight Repo Rate Average (CORRA) rose to 7 basis points above the Bank of Canada's target overnight rate. Settlement balances were declining, but hedge fund borrowing also grew by over $30 billion, increasing the client share of total repo volumes. With limited balance sheets and substantial market power, dealers raised clients' rates, which increasingly influenced CORRA. Overall, this episode highlights the effect that dealers' balance sheet constraints and bargaining power have on where CORRA settles but downplays the role of the settlement balances channel in the dealer-to-client market"--Abstract, page ii. Includes abstracts in English and French. Interest rates Canada. Commercial loans Canada. Derivative securities Canada. Monetary policy Canada. Taux d'intérêt Canada. Prêts commerciaux Canada. Instruments dérivés (Finances) Canada. Politique monétaire Canada. Bank of Canada, issuing body. Staff discussion paper (Bank of Canada) 1914-0568 ; 2025-14. (CaOODSP)9.806273 PDF 897 KB https://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-6-2025-14-eng.pdf