国际清算银行：2025年拆包回购折减及其对杠杆的影响报告（英文版）

Repurchase agreements (repos) are a crucial source of short-term funding and collateral for financial institutions. A key parameter in repo transactions is the “haircut” – the difference between the market value of the collateral and the cash lent. Haircuts play a pivotal role in determining the leverage that market participants can achieve through repo transactions. For instance, a low haircut of 0.5% enables a borrower to hold assets worth 200 times their equity. A notable example is the “c