VTB Liquidity BIF is Russia's first money market exchange fund. The fund is intended for short-term placement of free cash and liquidity management. The fund's assets mainly consist of government bonds, but the fund has an important feature in the form of repurchase transactions. A REPO is a transaction of selling government bonds with an obligation to repurchase them after a certain period of time at a predetermined price. The central counterparty shall guarantee the performance of obligations under the REPO transaction to a bona fide party. The Manager shall be able to combine placement terms from 1 day to 3 months, obtaining additional profit if the curve slope increases.