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Remaining Risks in the Tri-Party Repo Market
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 ...
Panel remarks at Bank for International Settlements' annual general meeting, Basel, Switzerland
Remarks at the Bank for International Settlements' Annual General Meeting, Basel, Switzerland.