现实中的金融市场有着种种风险,交易回购协议的市场也不例外。本文介绍了与回购协议相关的风险及其导致的系统性风险,并分析了美国、加拿大等国的相关政策应对。回购协议形式上与抵押贷款相似。借款日,在贷款方向借款方提供本金的同时,借款方向贷款方提供有价证券作为抵押品。合同到期日,借款方应向贷款方归还本金与利息,同时贷款方应归还抵押品。回购协议包含利率、抵押品以及借贷期 Real-world financial markets have all the risks and the market for trading repo agreements is no exception. This article describes the risks associated with repurchase agreements and the systemic risks they cause, and analyzes the related policy responses in the United States, Canada and other countries. Repurchase agreements are similar in form to mortgages. On the loan date, the borrower provides the lender with securities as collateral while providing the principal of the borrower to the lender. The contract expires, the borrower should return the principal and interest to the lender, at the same time the lender should return the collateral. The repurchase agreement includes interest rates, collateral and a loan period