Naturally, any product that can allow participants infinite leverage is something that all "sophisticated" market participants not only know about, but abuse on a regular basis. The fact that this "unfractional repo banking" is at the heart of the unregulated $71.2 trillion shadow banking system, the less the general public knows about it the better.
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It does however have a notable sidebar which explains the magic of "(un)fractional repo banking" - a topic made popular in late 2011 following the collapse of MF Global - when it was revealed that as part of the Primary Dealer's operating model, a core part of the business was participating in UK-based repo chains in which the collateral could be recycled effectively without limit and without a haircut, affording Jon Corzine's organization virtually unlimited leverage starting with a tiny initial margin.
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