New York Fed primary dealer statistics · Repurchase and reverse repurchase agreements against Treasury securities, the last Wednesday of each month with a figure
How much do the primary dealers finance with repurchase agreements?
The month ended : of the 3 lines, the change over a year was largest for Repos on TIPS, up 6.2%, and smallest for Reverse repos on TIPS, down 4.7%.
Primary dealer repurchase and reverse repurchase agreements against Treasury securities, repurchase agreements, each month
- Repos on Treasury securities3065.41341.0 to 3216.8
- Repos on TIPS273.7130.6 to 284.9
Primary dealer repurchase and reverse repurchase agreements against Treasury securities, reverse repurchase agreements, each month
- Reverse repos on Treasury securities2777.21172.4 to 2869.7
- Reverse repos on TIPS225.5135.1 to 269.3
Each row is one line of the page over the last ten years, one month to a point, on a scale shared by the rows of the tab, with its newest value and its range printed beside it and a dashed line at zero. A gap is a month with no value. Pointing at the chart shows the month and the value.
Observed .
Right now
Over a year to September 2026, of the 3 lines on this page the change was largest for Repos on TIPS, up 6.2%, and smallest for Reverse repos on TIPS, down 4.7%.
Of these lines, 2 rose, 1 fell and 0 did not change over the year (ours, from the published values).
By lineOver a year, ours
Primary dealer repurchase and reverse repurchase agreements against Treasury securities, change over a year, by line
- Repurchase agreements
- Reverse repurchase agreements
Each bar is the change in one line over a year, the largest first, with its rank at the left and its newest value under the figure. A line with its own page links it from its name. A change below zero runs to the left of the zero line. The colour says which section of the page a line is in.
Observed .
Primary dealer repurchase and reverse repurchase agreements against Treasury securities, change over a year in each month
| Line | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Repos on Treasury securities | +24.9 | +20.7 | – | +17.3 | – | – | +10.4 | +13.1 | +14.9 | +8.9 | +2.1 | +2.1 |
| Repos on TIPS | +21.3 | +18.3 | +17.8 | +27.0 | +22.1 | +16.3 | +16.5 | +21.1 | +18.3 | +16.2 | +4.3 | +6.2 |
| Reverse repos on Treasury securities | +23.5 | +21.5 | +21.3 | +20.0 | +16.8 | +15.6 | – | – | +9.9 | +9.6 | +6.7 | – |
| Reverse repos on TIPS | +15.7 | +22.5 | +14.7 | +20.6 | +14.6 | +20.7 | +24.3 | +27.0 | +16.8 | +10.1 | +3.0 | −4.7 |
Each chip is one month's change from the same month a year earlier. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 23.5 and over. Every chip prints its figure and sign. A dash is a month with no figure.
Observed .
Understanding primary dealer financing
Where it stands today
The largest change over a year was Repos on TIPS, up 6.2%, in September 2026.
What do the lines of this page measure?
A repurchase agreement (a repo) is a sale of securities with an agreement to buy them back later, and a reverse repurchase agreement (a reverse repo) is a purchase of securities with an agreement to sell them back. The New York Fed counts the securities that the primary dealers delivered in repurchase agreements (securities out) and received in reverse repurchase agreements (securities in), as reported by the primary dealers.
Read more
This page shows both for Treasury securities other than TIPS (Treasury inflation-protected securities) and for TIPS, in billions of dollars. The New York Fed publishes the financing against other collateral too (agency debt, mortgage-backed securities, corporate debt and equities), which is not shown here.
What 500metrics adds: the amount on the last Wednesday of each month that has a figure; the change over a year of every line, ranked across the page; the last ten years of every line as rows of small charts; and a table of the change over a year in each of the last twelve months.
The numbers behind the chart
What is the latest value of each line?4 lines, in the sections of the page
| Line | Section | Month | Value | Change over a year | Rank |
|---|---|---|---|---|---|
| Repos on Treasury securities | Repurchase agreements | $3,065.4 billion | +2.1% | 2 | |
| Repos on TIPS | Repurchase agreements | $273.7 billion | +6.2% | 1 | |
| Reverse repos on Treasury securities | Reverse repurchase agreements | $2,777.2 billion | n/a | n/a | |
| Reverse repos on TIPS | Reverse repurchase agreements | $225.5 billion | −4.7% | 3 |
The table scrolls sideways; the first column stays in place.
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- A month shows the amount on its last Wednesday that has a figure. The New York Fed publishes a Wednesday's statistics on the Thursday of the week after, so a month appears on this page once the first Wednesday of the next month has been published.
- The New York Fed prints an asterisk instead of a number for some weeks, and for the Treasury totals in many weeks since 2022. A month then shows the latest Wednesday of that month that has a figure, which can be weeks before the last Wednesday, so the Wednesday behind a month can differ from one line to the next. A month in which no Wednesday has a figure has no value.
- Each line is the New York Fed's total for the kind of collateral: overnight, continuing and term agreements together. A change over a year is worked out from the same month a year before, and only where that value is above zero. A line whose month a year before has no figure shows no change (n/a) and no rank for that month, and the bars and the ranking leave it out, so fewer lines can be ranked than the page lists.
- The statistics cover the primary dealers only. They do not describe the financing of other firms.
- The changes and the ranks are ours, worked out from the values the New York Fed publishes; a change is in percent. The choice of the last Wednesday of each month is ours too.
Observed . Checked .
How to cite this
© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. The month, the changes and the ranks are computed by 500metrics., Repurchase and reverse repurchase agreements against Treasury securities, the last Wednesday of each month with a figure, through September 2026. Compiled by 500metrics, "How much do the primary dealers finance with repurchase agreements?", https://500metrics.com/primary-dealer-financing.
Can the data be downloaded?primary-dealer-financing.csv
Download the last ten years of every line as CSV: 475 rows, to , 34,528 bytes.
Our text and compilation: CC BY 4.0.
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Page updated
Sources
© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. The month, the changes and the ranks are computed by 500metrics. (source) Terms: Federal Reserve Bank of New York terms of use.