NCCBR users are mostly institutions part of the financial market infrastructure - such as dealers and hedge funds they use NCCBR to manage their balance sheets and regulatory obligations. so a high need for Treasury collateral may drive the the haircuts negative

Illya Gerasymchuk 2025-09-06 00:00

NCCBR are essentially bilateral OTC agreements - no central counterparty or tri-party custodian