Everything You Wanted to Know about the Tri-Party Repo Market, but Didn't Know to Ask

Lucinda Brickler, Adam Copeland and Antoine Martin

No 20110411, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The tri-party repo market is a large and important market where securities dealers find short-term funding for a substantial portion of their own and their clients’ assets. The Task Force on Tri-Party Repo Infrastructure (Task Force) noted in its report that “(a)t several points during the financial crisis of 2007-2009, the tri-party repo market took on particular importance in relation to the failures and near-failures of Countrywide Securities, Bear Stearns, and Lehman Brothers.” In this post, we provide an overview of this market and discuss several reforms currently under way designed to improve functioning of the market. A recent New York Fed staff report provides an in-depth description of the market.

Keywords: tri-party; repos (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2011-04-11
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