Category: Repurchase Agreements (Repos)

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Federal Reserve Board Governor Tarullo Suggests “Outright Prohibition” as Possibility for “Shadow Banking” Regulation

In a speech delivered on July 12, 2016 to the Center for American Progress and Americans for Financial Reform Conference, Governor Daniel K. Tarullo discussed potential new approaches for the regulation of shadow banking (which he in part describes as “runnable funding”).  Specifically, in asking what form such regulation may take, Governor Tarullo indicated that a … Continue Reading

Tri-Party Repo Data: February & March 2016

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for February and March 2016. As of February 9, 2016, the total collateral in the U.S. tri-party repo market increased by nearly $7.1 billion to $1.585 trillion.  U.S. Treasuries excluding Strips collateral value decreased $9.7 billion to $689.72 … Continue Reading

Tri-Party Repo Data: January 2016

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for January 2016. As of January 12, 2016, the total collateral in the U.S. tri-party repo market decreased by approximately $14 billion to $1.578 trillion. U.S. Treasuries excluding strips collateral value increased nearly $45 billion to $699.43 billion. … Continue Reading

Member of Federal Reserve Board Speaks on Central Clearing for Repo

In a speech delivered on November  17, 2015 to The Clearing House Annual Conference, Board of Governors member, Jerome H. Powell discussed the merits of central clearing for repo.  Citing the “several private initiatives for greater central clearing” in the repo market Governor Powell indicated that “repo clearing could potentially bring a range of benefits, including … Continue Reading

Tri-Party Repo Data: December

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for December 2015. As of December 9, 2015, the total collateral in the U.S. tri-party repo market decreased by approximately $23 billion to $1.593 trillion.  U.S. Treasuries excluding strips collateral value decreased for the second straight month, moving … Continue Reading

Tri-Party Repo Data: November

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for November 2015. As of November 10, 2015, the total collateral in the U.S. tri-party repo market decreased by approximately $19 billion to $1.616 trillion.  After increasing by nearly $100 billion during the last two months, U.S. Treasuries … Continue Reading

Margin on Non-Cleared Swaps – Are Money Market Funds Eligible Collateral?

On October 22, 2015, the prudential banking regulators (which includes the OCC, FDIC and the Federal Reserve Board) approved the final version of the non-cleared swap margin rule (available here). We will be considering many aspects of this rule in a series of postings, but in this posting we focus on a single discrete issue: … Continue Reading

Tri-Party Repo Data: FRBNY Develops Interactive Tool

The Federal Reserve Bank of New York (FRBNY) recently developed and made available to the public an interactive tri-party repo market data tool.  The tool is designed to complement the monthly tri-party repo market statistics that the FRBNY releases each month, allowing users to view the data graphically.  Specifically, the tool allows users to analyze … Continue Reading

Tri-Party Repo Data: October 2015

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for October 2015. As of October 9, 2015, the total collateral in the U.S. tri-party repo market increased by $27.7 billion to approximately $1.635 trillion.  U.S. Treasuries excluding strips collateral increased by more than $52 billion to $711 … Continue Reading

Office of Financial Research Publishes Reference Guide for Repo and Securities Lending Markets

On September 9, 2015, the United States Department of the Treasury’s Office of Financial Research (“OFR”) published the Reference Guide to U.S. Repo and Securities Lending Markets (the “Guide”).  The Guide provides a useful overview of the basic market structures and mechanics, major market participants, risks, and a survey of the sources of data available. … Continue Reading

Tri-Party Repo Data: September

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for September 2015. As of September 10, 2015, the total collateral in the U.S. tri-party repo market moved slightly higher by approximately $2.5 billion to $1.607 trillion.  U.S. Treasuries excluding strips collateral increased by $45 billion to $659 … Continue Reading

Tri-Party Repo Data: August

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for August 2015. As of August 11, 2015, the total collateral in the U.S. tri-party repo market edged higher by approximately $5 billion to $1.604 trillion.  U.S. Treasuries excluding strips collateral remained the largest percentage of total tri-party … Continue Reading

FRBNY Announces September Quarter-End Term Repo Trades

The Federal Reserve Bank of New York (FRBNY) announced that it will offer “at least $200 billion” in term repo trades that will cross the September quarter-end. Here are the quarter-end trading details released by FRBNY: The FRBNY will provide an update of additional information on or around September 22.  As a reminder the FRBNY’s … Continue Reading

Tri-Party Repo Data: May

The Federal Reserve Bank of New York released their monthly statistics of the U.S. tri-party repo market for May 2015. As of May 11, 2015, the total collateral in the U.S. tri-repo market increased by approximately $24.45 billion to $1.619 trillion. Most of the increase was in U.S. Treasury collateral which increased $19.36 billion to … Continue Reading
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