What Comotto emphasises, however, is that while that trend may have begun as far back as the 1990s, the recent European crisis has now nearly completely vaporised what little unsecured interbank lending was left in the market. What’s more, the demand for tri-party transactions — where collateral is managed by a custodian rather than bilaterally — has almost doubled from less than 25 per cent before the Lehman crisis to almost 50 per cent since.
This is from Richard Comotto of the European repo market, quoted in the FT's Alphaville. There is a lot more interesting information on the repo and money markets. //