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Statement
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Update on Tri-Party Repo Infrastructure Reform |
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July 18, 2012
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Earlier this year, the Tri-Party Repo Infrastructure Reform Task Force issued its final report describing the status of industry efforts to reform the tri-party repo market. The Task Force indicated that additional time would be needed to reduce market reliance on intraday credit extensions by clearing banks to broker-dealers. Following the publication of the Task Force’s final report, the Federal Reserve Bank of New York announced that the Federal Reserve would intensify its supervisory oversight of key tri-party market participants’ efforts to implement the Task Force recommendations in a timely fashion.
Both the clearing banks and the largest broker-dealer affiliates of bank holding companies have been asked to submit execution plans and timelines. The clearing banks have already submitted their plans; the largest broker-dealer affiliates of bank holding companies are now in the process of drafting plans that reflect how they will adapt to their clearing bank’s plans. The collective set of plans will be evaluated by supervisors this fall. |
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