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Bank A needs cash quickly and has bonds as assets, while Bank B has excess cash it wants to utilize. Bank A can enter a repurchase agreement (repo) with Bank B. In this arrangement, Bank A (the dealer) sells its bonds to Bank B and agrees to repurchase them at a higher price soon after, typically the next day. This provides Bank A with the necessary cash, while Bank B profits from the higher repurchase price. For Bank A, this is a repo transaction, and for Bank B, it is a reverse repo, as it involves buying securities with the intent to sell them back later for profit. Repo transactions are common among banks, mutual funds, hedge funds, and central banks.
