The Repo Market

The Repo market is one of the most important financial markets few people understand. Operating largely behind the scenes, it moves trillions of dollars and provides the liquidity that helps keep Wall Street-and the modern financial system-functioning.

Its history runs through some of Wall Street's greatest successes and most consequential failures. Salomon Brothers, Long-Term Capital Management, Bear Stearns, Lehman Brothers, and MF Global all depended on Repo financing. To understand what happened at these firms-and how today's financial system really works-you need to understand Repo.

In The Repo Market: Shorts, Shortages, and Squeezes, industry veteran Scott E.D. Skyrm draws on decades of firsthand experience to take readers inside this critical but often misunderstood corner of finance. From securities shortages and short squeezes to financial crises, regulation, the changing role of the Federal Reserve, Quantitative Easing, and Balance Sheet Runoff, Skyrm explains how the Repo market works, how it evolved, and the forces that continue to shape it today.

Part history, part market guide, and part insider account, The Repo Market makes a complex financial system accessible without losing sight of the people, institutions, and events that shaped it.

For finance professionals, investors, students, and anyone who wants to better understand how Wall Street really works, The Repo Market opens the door to the market behind the markets.