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22 July 2016 | London
BlackRock grew its securities lending revenue to $151 million for Q2 2016, up from $157 million in the same quarter last year... Read more

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Tri-Party Repo Reform
17 May 2010 | New York | Reporter:
The Federal Reserve Bank of New York today announced the publication of a white paper on the work of the Tri-Party Repurchase Agreement (Repo) Infrastructure Reform Task Force. The white paper highlights policy concerns over weaknesses in the infrastructure of the tri-party repo market and seeks public comment on the task force's recommendations to address these concerns.

The recommendations set forth by the task force in its final report, when implemented, should:

- dampen the potential for problems at one firm to spill over to others,

- clarify the credit and liquidity risks borne by market participants, and

- better equip them to manage these risks appropriately.

Feedback on this paper received during the 30-day public comment period will help New York Fed staff, and others with regulatory and supervisory responsibilities, to assess the task force proposals and identify any additional or alternative measures that should be considered.

"We are grateful for the work of the task force and encourage all stakeholders to provide comments," said William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York. "The Federal Reserve is committed to initiating actions, as necessary, to promote strong risk management practices by all market participants and the stability and resilience of financial markets more broadly. The work of the task force represents an important step in this direction."

The tri-party repo market and short-term funding markets will continue to evolve as broader regulatory reforms take shape, and enhancements to infrastructure, such as those proposed by the task force, are implemented. Going forward, it will be imperative to monitor the evolution of these markets closely.

The New York Fed tasked the Payments Risk Committee (PRC), a private-sector group of senior U.S. bank officials sponsored by the New York Fed, to form a group of industry stakeholders to address tri-party repo market infrastructure weaknesses exposed during the financial crisis of 2008 and 2009. The PRC created the Tri-Party Repo Infrastructure Reform Task Force in 2009, and included tri-party repo market participants, service providers and representatives from industry groups. The task force met regularly since its creation to discuss enhancements to the policies, procedures and systems supporting the tri-party repo market. The final report of the task force was also issued today.

For more information visit http://www.newyorkfed.org/newsevents/news/banking/2010/an100517.html



BlackRock enjoys sec lending growth
BlackRock grew its securities lending revenue to $151 million for Q2 2016, up from $157 million in t Read more

BNY Mellon's Jeannine Lehman to retire
Jeannine Lehman is retiring from BNY Mellon at the end of the summer, the bank has confirmed... Read more

Northern Trust settles and enjoys higher spreads
Northern Trust will have to pay $46.5 million to settle securities lending litigation, while the ban Read more

Securities lending deserves own contract, says Funston
Rising costs and a greater diversity of providers is leading pension funds to request unbundled cont Read more

SWIFT selected for intraday liquidity reporting
Deutsche Bank global transaction banking has selected the SWIFT Scope solution for intraday liquidit Read more

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