Tri-party repo taskforce to disband without delivering key reform
The New York Fed's concerns about intra-day credit should be tackled by JP Morgan, BNY Mellon and DTCC, an industry taskforce concludes
Market participants will explain why they have not been able to make key changes to the tri-party repo market in a report due later this month, setting up a showdown with the Federal Reserve Bank of New York, which has been pushing for reform. Bankers involved in the project had previously told Risk they feared a failure by the industry to radically overhaul the market could spur the New York Fed to intervene in a more aggressive way, forcing the market – the biggest single source of financing
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