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Repo, Securities Lending, and Borrowing

Fixed-income terms for gilt repo markets, rebate rates, securities lending, and securities loans.

Repo, securities lending, and borrowing terms describe financing and collateral transactions that support bond-market liquidity and short-term funding.

Use this branch when ownership, borrowing, collateral, rebate rates, or funding mechanics affect fixed-income trading and portfolio operations.

Key Terms in This Branch

TermWhat it clarifies
Gilt Repo MarketRepo market activity involving gilts.
Rebate RateA rate used in securities lending economics.
Securities LendingLending securities against collateral.
Securities LoanA transaction in which securities are borrowed and returned under agreed terms.

Common Mistakes

  • Treating collateralized financing as having no counterparty risk.
  • Ignoring haircuts, margin calls, and collateral eligibility.
  • Confusing repo economics with outright bond ownership.
  • Looking at lending income without reviewing operational and liquidity risk.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.

Gilt Repo Market

The gilt repo market is the UK secured funding market where cash is borrowed and lent against gilt collateral.

Rebate Rate

A rebate rate is the cash-collateral interest rate in securities lending that helps determine the net cost of borrowing securities.

Securities Lending

Securities lending temporarily loans securities to a borrower against collateral, creating lending income, short-sale supply, and collateral risk.

Securities Loan

A securities loan is a securities-borrowing contract backed by collateral, rate terms, recall rights, and return obligations.

Revised on Sunday, June 21, 2026