Repo markets are an important first stage of monetary policy transmission. In the European repo market, the majority of participants, including non-dealer banks and non-banks, do not have access to centralized trading platforms. Rather, they rely on OTC intermediation by a small number of dealers that exert significant market power. Dealer market power causes the passthrough of the ECB's policy rate to be inefficient and unequal. Allowing market participants access to centralized trading platforms, or a secured deposit facility with the central bank, could improve the transmission efficiency of monetary policy while reducing the dispersion in repo rates across customers.

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细分市场的货币政策传导

回购市场是货币政策传导的重要第一阶段。在欧洲回购市场，包括非交易商银行和非银行在内的大多数参与者无法访问中心化交易平台。相反，他们依赖少数发挥重要市场力量的经销商进行场外交易中介。交易商市场力量导致欧洲央行政策利率传导效率低下且不平等。允许市场参与者使用集中交易平台或中央银行的担保存款设施，可以提高货币政策的传导效率，同时减少客户之间回购利率的分散。