State Street has closed the first transaction within its peer-to-peer repo program following its launch earlier this year. The trade was executed between a large asset owner and a non-traditional investment manager. The program seeks to facilitate overnight and term repo trading between buy-side counterparties, including traditional and non-traditional asset managers, asset owners, insurers, corporates, REITS, and sovereign wealth funds. State Street supports peer repo buyers by providing a guaranty against each peer repo seller’s default for all transactions that meet program requirements.
