Category Archives: Dodd-Frank Act

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At mid-year, repo is like an ancient fable

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Today’s repurchase market is like the ancient fable of the six blind men and the elephant, where the blind men offer very different descriptions of what each saw when they touched an elephant in a different spot. The only thing … Continue reading

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Unfinished business: Banking in the shadows

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Paul Volcker gets it. Will anyone listen? Here’s what he wants Americans to know: The main danger in the financial markets is not banks getting too big. The main danger in the financial markets is non-banks borrowing short to lend … Continue reading

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Repos make the news

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The big news about the repurchase market in 2015 was that it made the news. After decades when the largest financial market in the world rarely appeared in public, in 2015 repos finally hit the big time. At least 140 … Continue reading

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Economists who best understand repo are still working to stabilize it: 2014 in review

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A series of conferences and reports in the second half of 2014 show that the economists who best understand the repo phenomenon are still worried about it and working to stabilize it. This is welcome news, after months of concern … Continue reading

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Runs still threaten the repurchase market: 2014 in review

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As 2014 comes to a close,  it’s tempting to try to assess how much systemic risk has been wrung out of the repurchase market by six years of reforms. A fair summary would be: Much proposed but little imposed. In … Continue reading

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The future looks a lot like the past

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“Regulation of shadow banking is starting to look more and more like regulation of traditional banking 100 to 150 years ago, when it took decades of runs on banks, bank failures and economic agony before  Congress in 1933 finally approved … 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