Category Archives: Primary Dealers

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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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Part 1: Tri-party repo’s problems are deep and unresolved

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The tri-party repurchase market is more vulnerable to panic and abuse and further from being fixed than has previously been understood, based on recent reports. This matters, because tri-party was the chief trouble spot in the financial markets in 2007 … Continue reading

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MF Global warning: Financial markets have not been fixed

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The October 31 bankruptcy of MF Global Holdings Ltd., a broker-dealer on Fifth Avenue in New York City, is important news for all Americans because it is a warning: The Dodd-Frank Act, which Congress passed 16 months ago to protect Americans … Continue reading

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Bloomberg details Fed’s three-year bailout frenzy

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Bloomberg News has given us a stunning picture of the frantic efforts by the Federal Reserve to save the credit markets between August 2007 and April 2010. The report doesn’t mention the R-word (repo), even though fear for the repurchase … 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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Repos seem secret because U.S. reporters rarely cover them

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Reporter Bob Ivry at Bloomberg told his readers May 26 that leading bank companies borrowed $80 billion at sweetheart rates during the financial crisis from an emergency Federal Reserve lending program that has not been fully disclosed. Not so fast, … Continue reading

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Tri-party repo reform seen as helpful but will not avert 2008-style panic

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JP Morgan Chase and Bank of New York Mellon are making good progress in protecting themselves from the tri-party repo risk that threatened their survival in 2008, but little progress is being made in protecting taxpayers who may have to pick … Continue reading

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RepoWatch roundup of repo data

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Last updated June 26, 2012 RepoWatch’s quarterly roundup of repo data shows a very slow-growing financial market dominated by the mega-banks and still relying largely on collateral that is guaranteed by the U.S. taxpayer: PRIMARY DEALERS (1) Federal Reserve primary dealers, repo volume, … Continue reading

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Fed approves MF Global and SG Americas Securities as Primary Dealers

The Federal Reserve Bank of New York today added two Primary Dealers to the list of 18 broker-dealers approved to repo with the New York Fed. The newly approved dealers are MF Global Holdings Inc. and SG Americas Securities, LLC. … Continue reading

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Mega-banks regain control of bond trading

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The giant Wall Street banks are tightening their control of the profitable bond trading market, Bloomberg reported January 20. The boutique bond trading firms that sprang up when the financial crisis weakened the mega-banks are losing ground to the giants, … Continue reading

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NYU: Most of the leverage was in repos

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“Repo financing was the basis of most of the leveraged positions of the shadow banks.” From RepoWatch’s view, that’s the key sentence in “Regulating Wall Street,” a November 2010 book authored by New York University Stern School of Business professors Viral … Continue reading

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FT: Repo revival nowhere in sight

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The vital U.S. repurchase market is 40 percent below its peak in early 2008 and has shown very little sign of rebuilding, the Financial Times reported April 14. The Times estimates the repo market at about $2.5 trillion, down from … Continue reading