I believe this is due to the nature of REPEATABLE READ and the XA restrictions in the mysql engine (MySQL does not fully comply with the XA specification).
A known issue is that some replication failure scenarios may result in a missing transaction from binlog: From: XA transaction restrictions
With the above, Consistency in ACID is lost.
I assume that strict behavior caused by SERIALIZABLE reduces this to the extent necessary for how they describe xid operation, etc. But the development of these issues is suspiciously missing. Mysql 5.6 - Consistent Reading
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