An overnight repurchase agreement (also known as a repo) is an agreement between two parties to sell a security at an agreed price, with the buyer agreeing to repurchase it at a later date, usually the next day, at an agreed-upon price. The purpose of a repo is to provide short-term financing for businesses or individuals. The security used in the agreement is usually a Treasury bond or another form of highly liquid collateral. A [[Repo Sweep]] is a common overnight repurchase agreement used in banking to pay interest on commercial checking accounts without violated [[Reg Q]].