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Office of Financial Research (OFR)

@OFRgov

Promoting financial stability by delivering high-quality financial data, standards and analysis principally to support the FSOC and its member agencies.

 Washington, DC, USA
financialresearch.gov/
Joined June 2015
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Our Money Market Fund Monitor, an interactive tool that tracks the investment portfolios of money market funds, has been updated with data through June 30, 2026. financialresearch.gov/money-…
Money Market Fund Monitor | Office of Financial Research

Money Market Fund Monitor | Office of Financial Research

This monitor is designed to track the investment portfolios of money market funds by funds' asset types, investments in different countries, counterparties, and other characteristics.

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The Bank Systemic Risk Monitor, a collection of measures for monitoring systemic risks posed by the largest banks, has been updated with data through March 31, 2026. financialresearch.gov/bank-s…
Bank Systemic Risk Monitor | Office of Financial Research

Bank Systemic Risk Monitor | Office of Financial Research

The OFR Bank Systemic Risk Monitor (BSRM) is a collection of key measures for monitoring systemic risks posed by the largest banks. These include systemic importance scores for international and U.S....

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1/6 of the U.S. repo market is affiliate repo — transactions between firms sharing a parent company. Our new brief gives the first full overview of counterparties, volumes, & terms. financialresearch.gov/briefs…
Affiliate Repo | Office of Financial Research

Affiliate Repo | Office of Financial Research

This brief presents the first comprehensive overview of affiliate repo, offering information on counterparties, volumes, and terms (Brief no. 26-04).

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Our Hedge Fund Monitor has been updated. This includes data from CFTC Commitment of Traders through May 12 and FICC Sponsored Repo Volumes through May 15. financialresearch.gov/hedge-…
Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor

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Our Money Market Fund Monitor, an interactive tool that tracks the investment portfolios of money market funds, has been updated with data through April 30, 2026. financialresearch.gov/money-…
Money Market Fund Monitor | Office of Financial Research

Money Market Fund Monitor | Office of Financial Research

This monitor is designed to track the investment portfolios of money market funds by funds' asset types, investments in different countries, counterparties, and other characteristics.

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Our Hedge Fund Monitor has been updated. This includes data from CFTC Commitment of Traders through April 14, FICC Sponsored Repo Volumes through April 17, and FRB SCOOS through March 31. financialresearch.gov/hedge-…
Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor

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U.S. repo markets have global reach: ~$4T in outstanding repos and 50% of bilateral repos are cross-border; 74% are in USD. The market is liquid, but cross-border repos can transmit financial shocks, so monitoring is key. financialresearch.gov/the-of… #FinancialStability #RepoMarket
Sizing the U.S. Cross-Border Repo Market | Office of Financial Research

Sizing the U.S. Cross-Border Repo Market | Office of Financial Research

Cross-border repos comprise a third of the $13 trillion U.S. repo market. OFR data reveal dealer banks and hedge funds drive cross-border activity.

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A new OFR brief presents new facts about lending relationships in the U.S. repo market, quantifying outstanding repo positions for different participants, including banks, dealers, hedge funds, and money market funds. financialresearch.gov/briefs…
Who Participates in Repo? | Office of Financial Research

Who Participates in Repo? | Office of Financial Research

This OFR brief presents facts about the lending and borrowing positions of banks, dealers, hedge funds, and money market funds in the U.S. repo market (Brief no. 26-03).

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The OFR's 2025 Annual Report identifies key risks requiring continued monitoring: technology disruptions, rising household leverage, short-term funding market fragilities, elevated asset valuations, and nonbank intermediation growth. financialresearch.gov/the-of…
Calm Markets and Underlying Risks: Highlights from the OFR’s 2025 Annual Report | Office of...

Calm Markets and Underlying Risks: Highlights from the OFR’s 2025 Annual Report | Office of...

The 2025 OFR Annual Report reflects a financial system that remains broadly resilient yet exposed to changing risks that necessitate continued monitoring.

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Our Hedge Fund Monitor has been updated. This includes SEC Form PF and FRB SCOOS data through December 31, 2025, CFTC Commitment of Traders data through March 17, 2026, and FICC Sponsored Repo Volumes data through March 20, 2026. financialresearch.gov/hedge-…
Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor

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The Bank Systemic Risk Monitor (BSRM), a collection of measures for monitoring systemic risks posed by the largest banks, has been updated with data through December 31, 2025. financialresearch.gov/bank-s…
Bank Systemic Risk Monitor - OFR Contagion Index | Office of Financial Research

Bank Systemic Risk Monitor - OFR Contagion Index | Office of Financial Research

The OFR’s Contagion Index measures the loss that could spill over to the rest of the financial system if a given bank were to default. It depends on the size of the bank, its leverage, and how...

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A new OFR Brief discusses methods to identify private credit funds and quantifies the counterparty exposure channel between these funds and their creditors. financialresearch.gov/briefs…
Measuring Counterparty Exposures to Private Credit | Office of Financial Research

Measuring Counterparty Exposures to Private Credit | Office of Financial Research

Various methods can identify private credit funds and quantify the counterparty exposure channel between these funds and their creditors (Brief no. 26-02).

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A new OFR Working Paper examines how different central counterparties (CCPs) provision liquid and capital resources. financialresearch.gov/workin…
Central Counterparty Management of Liquid and Prefunded Resources | Office of Financial Research

Central Counterparty Management of Liquid and Prefunded Resources | Office of Financial Research

Central counterparties rely on liquid and capital resources to manage member defaults. Physically settled contracts increase liquid resource needs (Working Paper no. 26-04).

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A new OFR brief examines hedge fund participation in the centrally cleared market and their preparedness for the SEC Treasury clearing rule. financialresearch.gov/briefs…
Hedge Fund Participation in Cleared Repo | Office of Financial Research

Hedge Fund Participation in Cleared Repo | Office of Financial Research

This OFR Brief examines hedge fund participation in the centrally cleared market and their preparedness for compliance with the SEC Treasury clearing rule (Brief no. 26-01).

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Our Hedge Fund Monitor has been updated. This includes CFTC Commitment of Traders data through February 17 and FICC Sponsored Repo Volumes data through February 20. financialresearch.gov/hedge-…
Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor | Office of Financial Research

Hedge Fund Monitor

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A new OFR Working Paper examines the effects of client clearing on market functioning and stability. financialresearch.gov/workin…
Clearing Markets and Client Clearing Services | Office of Financial Research

Clearing Markets and Client Clearing Services | Office of Financial Research

Client clearing reduces counterparty risk between contract buyers and sellers, but clients' reliance on dealers to access CCPs may limit their clearing ability during periods of stress (Working Paper...

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Our Money Market Fund Monitor, an interactive tool that tracks the investment portfolios of money market funds, has been updated with data through January 31, 2026. financialresearch.gov/money-…
Money Market Fund Monitor | Office of Financial Research

Money Market Fund Monitor | Office of Financial Research

This monitor is designed to track the investment portfolios of money market funds by funds' asset types, investments in different countries, counterparties, and other characteristics.

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A new OFR Working Paper evaluates the U.S. repo market resilience in response to operational outages caused by cybersecurity incidents. financialresearch.gov/workin…
Short Circuiting Short-Term Funding | Office of Financial Research

Short Circuiting Short-Term Funding | Office of Financial Research

Cybersecurity-related outages can affect lenders by creating liquidity gaps, raising interest rates, and spreading shocks in the repo market (Working Paper no. 26-02).

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Mandated central clearing for the $8T Treasury repo market starts in 2027. Had it been implemented in 2025, OFR estimates cleared Treasury repo would have surged from 45% to 77%, freeing up $34.5B+ in balance sheet space per average U.S. G-SIB. financialresearch.gov/the-of…
How Will Central Clearing Impact the Repo Market? | Office of Financial Research

How Will Central Clearing Impact the Repo Market? | Office of Financial Research

The Treasury central clearing rule will substantively boost the share of centrally cleared repo transactions and may enhance netting efficiencies for dealers.

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We have updated the Bank Systemic Risk Monitor U.S. G-SIB scores and surcharges with 2025 data. financialresearch.gov/bank-s…
Bank Systemic Risk Monitor - U.S. G-SIB Surcharges | Office of Financial Research

Bank Systemic Risk Monitor - U.S. G-SIB Surcharges | Office of Financial Research

U.S. G-SIBs are banks whose failure could pose a threat to the financial system. A U.S. G-SIB must hold more risk-based capital than a non-G-SIB. The size of the capital add-on, or surcharge, is...

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