Securities Repurchase Agreement
A securities repurchase agreement is an arrangement involving the provision of securities in exchange for cash with a commitment to repurchase the same or similar securities at a fixed price either on a specified future date (often one or a few days hence, but also further in the future) or with an “open” maturity.
Securities lending with cash collateral and sale/buy-backs are economically the same as a repurchase agreement; all involve the provision of securities as collateral for a loan or deposit.