Adam Brinley Codd, Daniel Krause, Pierre Ortlieb and Alex Briers

We both drive cars, but the US drives on the right while the UK drives on the left. We both walk, but we do so on sidewalks in the US and pavements in the UK. We both have asset managers, who want to take leveraged positions in interest rates. US asset managers had around US$650 billion of long treasury futures in June 2023. UK asset managers, in Autumn 2022, held around £200 billion in leveraged repo. However, the ways in which the financial system found willing lenders for these borrowers, and intermediated the risk through the system of market-based finance, differ.