Category Archives: DataWatch

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News Round-up: Shadow bankers and regulators dig in for a long tug of war

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Updated June 18, 2012 RepoWatch recommends the following reports. Search for the topics that interest you: DataWatch, International repo market, Money market funds, Regulation, Repurchase transactions, Securitization, Shadow banking, Too big to fail, and Tri-party repo. Items are arranged chronologically, … Continue reading

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Shadow banking, part 2: Lack of shadow master plan means impact of new rules is uncertain

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The shape of shadow banking reform is now clear. Congress and regulators are going to put a bunch of new rules in place, but they’re not going to articulate a coherent vision of what shadow banking should, or should not, … Continue reading

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News round-up: Repo and shadow banking A to Z

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RepoWatch recommends the following reports. Search for the topics that interest you: DataWatch, Financial crisis, Finding a fix, Hedge funds, Regulation, Repurchase market, Securities lending, Securitization, Shadow banking, Too big to fail, and Tri-party repo. Items are arranged chronologically, within … Continue reading

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News round-up: Turmoil in shadow banking

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RepoWatch recommends the following reports. Search for the topics that interest you: Accounting, Collateral, DataWatch, Finding a fix, International repo, Money market funds, Securities lending, Securitization, Shadow banking, and Tri-party repo. Items are arranged chronologically, within topics that are listed alphabetically. … Continue reading

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Part 1: Still no data – What’s taking so long?

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It’s three years after the financial crisis, and we still don’t have the most basic data that we  need in order to be able to spot a gathering storm in the financial markets. Especially needed is more information about shadow … Continue reading

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Part 2: Here’s the data regulators need to collect on repo

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To spot the build-up of systemic risk in the financial markets, regulators need to collect six bits of information about every repo and securities lending transaction, according to a report from four economists at the Federal Reserve Bank of New … Continue reading

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Top dealers to Fed: Flow of credit continues to slow

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Credit in key areas of the repurchase market continued to tighten in the fourth quarter, according to the Federal Reserve’s quarterly survey of senior credit managers at 20 leading Wall Street dealers. The finding furthers a trend that the Fed reseachers … Continue reading

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European repo market continues rapid growth

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While the U.S. repo recovery has lagged since the 2008 crisis, the European repurchase market has been expanding for two years and rose rapidly in the first half of 2011, according to a biannual survey by the European Repo Council. Fifty-five survey respondents reported that the value of … Continue reading

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Reuters: Repo participants are getting cautious

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Reuters news service reports some traders believe another run on repo has begun. Meanwhile, data tracked by RepoWatch shows a mild tightening. From an August 30 article by Reuters reporter Karen Brettell: Pockets of the fixed income and money markets … Continue reading

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Have you checked your repo market today?

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One of the best ways for RepoWatch readers to see what’s going on daily in the repo market during the U.S. debt crisis is the DTCC GFC Repo Index. If you check the DTCC index now, you will see that average rates on repo loans collateralized with Treasuries, though still low, … Continue reading

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Is insurance moving more into the shadows?

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Insurance companies are taking advantage of new laws in roughly 30 states that help them hide risks, reduce costs, cut back on reserves and find friendlier regulators, according to a story in the New York Times. From the story, by Mary Williams … Continue reading

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Why couldn’t experts see the coming financial crisis in their data?

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In the years leading up to the financial blowout in 2008, the two most important sets of missing data that could have helped experts spot looming trouble were measurements of (1) mortgage quality and (2) repo volumes and collateral quality, … Continue reading

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Russia conducts first survey of its repo market

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The Russian Repo Council conducted it first biannual survey of the Russian repo market December 1, 2009, to May 31, 2010. The survey was designed with the help of the European Repo Council, which has conducted biannual repo surveys since … Continue reading

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Economists: Finance needs to be measured in new ways

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A new paper by three economists shows how far finance has come from the days when banks took in deposits and used the money to make loans. Today that same bank might augment those deposits by borrowing on the repo market … Continue reading

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Economists offer ways to measure and monitor systemic risk

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Economists have produced several studies showing ways the new Office of Financial Research and other experts might measure systemic risk and identifying useful data to spot rising risk. The important point is that regulators were not collecting needed data before the financial criis of 2007-2008, … Continue reading

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Commentary: Important new Office of Financial Research is ‘wobbly’

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The Office of Financial Research, considered by some to be the most important provision in the Dodd-Frank Act, is “wobbly,” says Barbara Rehm, American Banker’s editor at large, in her April 14 column. The Office of Financial Research is supposed … Continue reading

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Experts issue studies on repurchase market and systemic risk

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To RepoWatch readers: Some important work related to repos and systemic risk has been pouring out from economists and regulators in the past few days. I’ll be writing about each, trying to highlight the key points in simple language, but … Continue reading

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Will private placement bonds win favor as repo collateral?

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Companies are privately issuing a record level of private-placement bonds, according to the Financial News April 4. RepoWatch wonders if these bonds will begin showing up as repo collateral. From the Financial News: The market for privately placed bonds is … Continue reading

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Do repo and other risks still threaten the world economy?

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As regulators try to force commercial and investment banks to have more equity and less debt, by raising their capital requirements, the banks continue to find ways to evade the rules as they did leading up to the financial crisis … Continue reading

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Repo continues long-term growth track in Europe

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The European repurchase market declined 15.3 percent in December, as compared to the prior June, because of the unwinding of some “very large and somewhat specialized transactions,” the European Repo Council reported March 10. The council did not identify the … Continue reading