Grim repo warning spotlights BNP Paribas booking model

Federal regulators may be targeting French bank’s Paris-based book of US Treasuries

BNP Paribas's Paris headquarters
BNP Paribas's Paris headquarters

US federal regulators have not revealed the exact reason why they objected to the resolution plan submitted by BNP Paribas for its US repurchase (repo) operations. But current and former European repo traders warn the French bank’s booking model could be under the spotlight.

The head of securities financing at a rival European bank thinks the issue with BNP Paribas may be its “unique interpretation of US regulation that they think allows them to have a book that is effectively a European book

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