Banks blame complexity for slipping tri-party reform targets


Reform of the tri-party repo market – identified as a serious systemic weakness by the US Financial Stability Oversight Council (FSOC) in its July 27 annual report – will drag into 2012, missing targets set by the industry task force that is leading the overhaul. Sources on the task force say the job is far more complex than expected.

"Some people would argue we are behind schedule. The reason for that is simply that the complexity of the reforms is quite intense. The proposed end-state, which

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