Repo and reverse repo transactions are those conducted under the Gilt Repo Legal Agreement (comprising TBMA/ISMA Global Master Repurchase Agreement with gilts annex) or equivalent documentation. Transaction valuations reflect the cash amount of each outstanding transaction. Outstanding transactions are those that have been entered into, but for which the second leg has not been settled.
Stock borrowing and lending transactions are those conducted under the Gilt-Edged Stock Lending Agreement or equivalent documentation. Transactions are normally stock-against-stock rather than stock-against-cash; valuations reflect the value of the stock that is being lent or borrowed rather than the collateral received against it, which normally includes margin. The collateral side of a stock loan or stock borrow is, of course, not counted separately, as this would lead to double counting. Sell/buy back and buy/sell back transactions are “undocumented” sale and repurchase transactions conducted without an overarching legal agreement. Sell/buy back and buy/sell back transactions conducted under the Gilt Repo Legal Agreement are included under repos and reverse repos.
These data do not differentiate between general collateral (GC) repos (of unspecified gilts used as “collateral” against cash loans) and special repos (of hard-to-borrow specific gilts, normally reverse repoed in to cover a short position in the stock).
Transactions with residual maturities of one month, three months or six months are included in the shorter time band.
All figures are reported gross of offsetting transactions with the same counterparty (even where these may be netted for supervisory or accounting purposes).