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Introduction [to A Primer on the GCF Repo® Service]

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Abstract

Repurchase agreements, or repos, are commonly used by financial entities to access money markets. GCF Repo, a financial service provided by the Fixed Income Clearing Corporation (FICC), is a particular type of repo in which trades are executed anonymously, with FICC acting as a central counterparty and guaranteeing settlement. In this primer, which consists of an introduction and two articles, the authors explore the effects on GCF Repo of ongoing reforms to the settlement procedures for another type of repo, tri-party repo. Key areas of focus are the impact of the reforms on the use of intraday credit to settle GCF Repo transactions and the strategies followed by dealers in trading GCF Repo?strategies that need to be taken into account when gauging the risks of potential changes to clearance and settlement procedures.

Suggested Citation

  • Adam Copeland, 2015. "Introduction [to A Primer on the GCF Repo® Service]," Economic Policy Review, Federal Reserve Bank of New York, issue 2, pages 1-6.
    • Handle: RePEc:fip:fednep:00024
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    References listed on IDEAS

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    1. Adam Copeland & Antoine Martin & Michael Walker, 2014. "Repo Runs: Evidence from the Tri-Party Repo Market," Journal of Finance, American Finance Association, vol. 69(6), pages 2343-2380, December.
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    More about this item

    Keywords

    financial intermediation; tri-party repo reforms; GCF Repo;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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