欧洲银行，尤其是法国银行，成为美国回购市场的最大参与者。

A difference in the way French banks measure their leverage ratio exposures has allowed these firms to expand their US repo balance sheets, even as US banks contract theirs. Excluding the Federal Reserve, the top three US Treasury repo counterparties to money market funds (MMFs) are French banks. BNP Paribas traded $38.1 billion in US Treasury repos with MMFs in July – more than its four largest US competitors combined. Societe Generale and Crédit Agricole have also expanded their US Treasury repo operations. The rise of foreign dealers worries some repo market participants. “Market participants need to be cognisant of their counterpart