Despite the European repo market's importance it is hard to obtain figures on its size. The ICMA surveys are the only authoritative source of data on the size and composition of the European repo market. The surveys are conducted by the ICMA Centre at the University of Reading in the UK, at the request of the ICMA European Repo Council (ERC), a body established under the auspices of ICMA to promote and represent banks active in Europe’s repo markets. For the most recent survey a sample of financial institutions in Europe were asked for the value of their repo contracts that were still outstanding at close of business on a single day in December 2011. Replies were received from 64 financial institutions, representing the majority of significant players in the European repo market. The results of this, the twenty-second semi-annual survey of the repo market in Europe set the baseline figure for market size at EUR 6,204 billion.
