Why Margin Debt is Meaningless in the New Normal

Tyler Durden writes: When it comes to funding, the most sophisticated market participants, hedge funds, have zero use for conventional cash exposure such as exchange margin, which is well below half a trillion, and instead obtain at least half of their funding needs in the shadow market via repo, to the tune of about $1 trillion (and likely more depending on one’s assumption about collateral reuse).  Why Margin Debt is Meaningless

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