A repurchase agreement (repo) which has no specific repurchase date. In other words, the term of an open RP is not predefined, and therefore it has no end date. Open RPs allow banks and other financial institutions to buy securities without having to stick to a specified repurchase date. Either party to the agreement could terminate the agreement at any time after the contract date. Open RPs, like ordinary RPs, help investors and financial institutions to raise short-term capital. Due to the uncertainty associated with open RPs, their interest rates are commonly higher than ordinary RPs. The risk premium arises from not knowing how long the agreement will remain in effect.

Open RPs are also known as open repurchase agreements or open repos.