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(More customer reviews)This paperback book is intended to be a useful primer for both bond traders and investors involved in the enormous US bond- and derivatives-backed repurchase agreement (repo) market. It contains information on how repos are constructed and how they work, as well as discussing the many repo-related defaults that ended up forcing major structural changes in how the instrument is priced as well as forcing the creation of legal contracts that have ensured greater safety for investors since the mid 1980s. Repos were the single instrument that allowed many investment firms and hedge funds to leverage themselves up so they could underwrite huge positions in exotic derivatives ahead of the 2008 default. It's a book about leverage and its inherent risks and how everyone, even individual investors, probably has been an "owner" of a repo at some point. That's because even most large mutual funds also use the overnight repo market as a venue in which to park cash and receive a market return. Though out of print, the book is still available through etaylorrepo@gmail.com.
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