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In a repo agreement, Bank A needs cash and owns bonds, while Bank B has excess cash. Bank A (the dealer) sells bonds to Bank B and agrees to repurchase them later, typically the next day, at a higher price. Thus, Bank A receives the cash it requires, and Bank B earns a profit from the transaction. For Bank A, this is a repurchase agreement (repo), while for Bank B, it is a reverse repo, as it buys securities with the intention of selling them back at a profit. Repo transactions are utilized not just by banks but also by mutual funds, hedge funds, and even central banks, making them a common financial tool.
