Sometimes, when you’ve written multiple articles on the same subject, you get bored.

Poetry is what happens when I get bored.

Regulators do not like us repo guys, that much I do know,
They decided to take aim at us with the net stable funding ratio.
Instead of holding capital against all our riskier stuff,
We have to hold it against everything—it is truly very rough!

Read the Ballad of the Repo Trader over here and apologies in advance for the imperfect Iambic pentameter (this was written in 30 minutes on a quiet pre-holiday Wednesday). For previous coverage on the incredible shrinking repo market and associated fallout, see the links below.

Six strange things that have been happening in financial markets, 2015
Who will save the repo market? Barclays has a few ideas, 2015
Everyone’s been worried about liquidity in the wrong bond market, 2015
US agency aims to grow tri-party clearing, 2014
Terms laid down for taming shadow bank risk, 2014
Leaky repo deals present new concerns, 2014
Fed seeks to limit broker-dealers’ reliance on ‘repos’, 2014
Shadow banking, a compendium, 2014
New York Federal Reserve takes on key role in repo market, 2014
Are you there hedge funds? It’s me, JPMorgan, 2014
Regulatory tussle centres on ‘repo’, 2014
Fed’s growing repo role risks backfiring, 2014
Fed opens its doors wider to repo trading, 2014
US regulators threaten new repo rules, 2013
Hedge funds step into the shadows, 2013
Repo ‘fire sale’ risk worries regulators, 2013
‘Repo’ market clampdown could hurt, 2013
Fed considers new repo tool to smooth policy exit, 2013
Pullback in US repo financing could affect other assets, 2013
Banks warn new rules threaten ‘repo’ market, 2013
The collateral crunch, 2011