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