While the on the run / off the run spread is relevant to measure the liquidity of the repo market in USA, it's far less useful in europe because several tranches of security can be auctioned progressively. Hence the specialness (liquidity) is shown by bid ask / RV of the bond 👌

8:57 AM · Oct 4, 2021

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Replying to @Analystlearner
I don’t think tri part € repo is really a thing. If we had that level of sophistication EU stocks wouldn’t have struggled this past decade + $ repo wouldn’t be so prevalent.
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it isnt, u need solvent counterparties for that
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