Category Archives: Money market funds

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Covering the Repo Market and Shadow Banking

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From the Donald W. Reynolds National Center for Business Journalism at Arizona State University: Mary Fricker, founder of RepoWatch.org, said the repurchase market is a key reason for the ferocity of the financial crisis. She shares her tips and resources … Continue reading

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NY Fed chief lays it on the line, for bankers and for the rest of us

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It felt like “The Gunfight at the O.K. Corral.” First to appear was departing Treasury Secretary Timothy Geithner, who told Wall Street Journal economics editor David Wessel in a wide-ranging exit interview January 17 that the financial markets are much … Continue reading

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How journalists can learn from the 2008 financial crisis

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This post is a transcript of  an 11-minute talk RepoWatch editor Mary Fricker gave to college journalism professors, students and others at the 11th Annual Convergence and Society Conference, Advancing Business Journalism and Convergence, at the University of South Carolina School … Continue reading

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Economists and other analysts see value, danger in repo and shadow banking, urge reform

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Latest update: October 2, 2012 In recent months economists and other experts have published a torrent of reports on repo and shadow banking, noting their importance and their dangers and urging reform. Following are 74 of the reports, arranged chronologically … Continue reading

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News Round-up: Role of repo, securitization and shadow banking unsettled in post-crisis world

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RepoWatch recommends the following news reports. Items are arranged chronologically, with the most recent coming first. “Fed Said to Press BNY Mellon to Speed Repo Market Change” by Bradley Keoun, Bloomberg News, September 25: The Federal Reserve, seeking to cut … Continue reading

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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: 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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News roundup: Repo and shadow banking in the crosshairs

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Repo and shadow banking have been getting a lot of attention lately. It’s rewarding that an understanding of their importance is spreading. RepoWatch recommends the following reports, arranged within topics that are listed alphabetically: Financial crisis “Getting up to speed … Continue reading

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Regulators talk tough about tri-party reform

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If the industry task force working to make the tri-party repurchase market more stable in a crisis won’t do the job, regulators may have to do it for them. That tough warning comes from William Dudley, president of the Federal … Continue reading

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Reuters: U.S. banks making repo loans to European banks

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Reuters reports U.S. banks have agreed in recent weeks to make billions of dollars of repurchase loans to European banks, contrary to the official word from U.S. regulators that American banks have reduced their exposure to European banks to a minimum … Continue reading

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If it walks like a bank, it should be regulated like a bank

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Financial institutions that borrow short-term loans and use that money to lend long-term loans – that is, they borrow short and lend long – should be regulated like FDIC-insured banks. That’s the essence of a new paper by Morgan Ricks, a … Continue reading

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Fitch: Shortage of risk-free repo collateral hits prime money market funds

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Prime money market funds, which invest in both corporate and government securities, are increasingly accepting nongovernment securities as collateral for repo loans, according to an August 4 Fitch Ratings survey of the 17 money market funds it rates. The survey did not say what … Continue reading

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Lenders, not borrowers, were the driving force behind the financial crisis

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Editor’s note: RepoWatch would like to recognize Financial Times editor Gillian Tett, whose August 11 column about the Pozsar report proves once again that she is far ahead of other journalists in her understanding of the core issues facing financial … Continue reading

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JPM and BoNY exposed during debt-ceiling crisis

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Editor’s note: It’s a scandal that Bernanke and Geithner handed reform of tri-party repo to  the bankers instead of to Congress and Dodd-Frank and the reform has not been done. Commentary The most vulnerable banks during this U.S. debt-ceiling crisis … Continue reading

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Watching U.S. money market funds for signs of a run on EU repo

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New reports from Fitch Ratings and the Financial Times say U.S. money market funds are cutting their exposure to European banks, presumably to protect themselves in the event of a full-blown EU debt crisis. But neither report answers a critical question … Continue reading

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If there’s an EU credit panic, repos could transmit it to U.S. banks

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Money market funds, interbank lending and the repurchase market would likely be the key sources of contagion for U.S. banks if Europe’s debt problems panic the credit markets, according to a July 21 article by Jeff Horwitz at the American … Continue reading

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JP Morgan: Repos will transmit the shockwave of a U.S. default

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Money market funds, repos and foreign investors will transmit the shockwave of a U.S. default throughout the economy and the government, according to a JP Morgan report. The authors of the report said they think a default is highly unlikely. But if … Continue reading

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Fitch: Repo could be ‘serious’ threat to money market funds if U.S. defaults

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If the U.S. defaults on its debt payments, a key danger to U.S. money market funds lies on the repurchase market, Fitch Ratings said in a special report July 18. Fitch said it continues to believe an agreement will be reached … Continue reading

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FT: A U.S. default could threaten world’s ‘plumbing system’

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Finally we have a news story from the mainstream business press that explains the potential dangers of a U.S. default. Congratulations to the Financial Times for its consistent, clear reporting on the repurchase market and for not being afraid to … Continue reading