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Remaining Risks in the Tri-Party Repo Market

Author

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  • Antoine Martin

Abstract

The tri-party repo market is one in which large U.S. securities firms and bank securities affiliates (dealers) finance much of their fixed-income securities inventories. A New York Fed white paper and the Financial System Oversight Council annual report have highlighted the risks to financial stability arising from the current infrastructure of this market. The Tri-Party Repo Infrastructure Reform Task Force (Task Force), an industry group sponsored by the New York Fed, has been working on reforms that would address some of these concerns. Unfortunately, a key aspect of the reforms—capped and committed clearing bank credit—has been delayed. In this post, I describe the remaining risks created by this delay.

Suggested Citation

  • Antoine Martin, 2011. "Remaining Risks in the Tri-Party Repo Market," Liberty Street Economics 20111107, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86773
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    More about this item

    Keywords

    unwind; Tri-party repo market; settlement;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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