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12 posts from November 2011

November 08, 2011

Just Released: Conference on Global Systemic Risk Explores Four Key Questions

Tobias Adrian and Michael Abrahams*

The 2007-09 financial crisis spread to markets and institutions around the world, demonstrating why global systemic risk is a major concern in modern financial markets. Funding difficulties in one country can spill over to other countries via internationally active institutions, and the risk of dire financial outcomes can be transmitted across the globe. Because the crisis caused sudden and significant damage to people’s wealth and income, efforts to prevent a recurrence are imperative. The task will be a challenging one, however, owing to the complexity of modern financial markets, institutions, and regulatory regimes.

Continue reading "Just Released: Conference on Global Systemic Risk Explores Four Key Questions " »

Posted by Blog Author at 11:35 AM in Financial Markets, Monetary Policy, Systemic Risk | Permalink | Comments (0)

November 07, 2011

Remaining Risks in the Tri-Party Repo Market

Antoine Martin


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.

Continue reading "Remaining Risks in the Tri-Party Repo Market" »

Posted by Blog Author at 7:00 AM in Financial Markets, Repo | Permalink | Comments (0)

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