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Bank A needs cash quickly and has bonds, while Bank B has excess cash and wants to invest it. Bank A can enter into a repurchase (repo) agreement with Bank B, where Bank A, the dealer, sells its bonds to Bank B and agrees to buy them back later, usually the next day, at a higher price. This arrangement provides Bank A with the cash it needs, and Bank B makes a profit from the transaction. For Bank A, this is a repo, and for Bank B, it is a reverse repo, as they plan to sell the securities back at a profit. Repo transactions are utilized by various entities, including banks, mutual funds, hedge funds, and even central banks, to manage cash and securities.
