Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Who gets the periodic payments when an equity is sold on an repurchase agreement?
The Wikipedia page for Repurchase Agreement has two relevant pointers on this topic:  The legal title for any securities used in a repo actually pass from seller to buyer during the term of the agreement. In basic terms this means that if one sells a bond on repo with a promise to buy it back, then the ownership actually transfers to the buyer for that period of time.  If a coupon is paid during this time period, it can either go to the buyer or the seller. Usually, the coupon payment goes to the initial owner of the security pre-repo (our "seller"). But sometimes the repurchase agreement will specify otherwise. So, again in basic terms, usually the repo seller/initial security owner receives any payments made during the term of the repurchase agreement. (Both points are in the first paragraph of the section "Structure and Terminology".)