Sale and Repurchase Agreements (Repo)

Repurchase Agreement（レポ取引）

A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is the sale of securities together with an agreement for the seller to buy back the securities at a later date. The repurchase price should be greater than the original sale price, the difference effectively representing interest, sometimes called the repo rate. The party that originally buys the securities effectively acts as a lender. The original seller is effectively acting as a borrower, using their security as collateral for a secured cash loan at a fixed rate of interest. (Wikipedia)

http://en.wikipedia.org/wiki/Repurchase_agreement

レポ取引とは、国債に代表される信用力の高い債券と資金を、一定期間交換する取引である。債券は資金貸付の担保として、資金は債券貸付の担保として機能することから、レポ取引は、資金および債券に関する安全性の高い運用・調達手段として広く用いられている。
 
稲村,馬場(2002)「わが国のレポ市場について」
http://www.imes.boj.or.jp/research/papers/japanese/kk21-b2-3.pdf