- creates market liquidity and price transparency for U.S. government and corporate securities that foster stable financing costs for U.S. companies and the U.S. government,
- is interconnected with other payment clearing and settlement services that are central to U.S. financial markets and are operated by the two tri-party agent banks, and
- serves as a critical source of funding for systemically important broker-dealers that make markets in U.S. government and corporate obligations.
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Tri-Party Repo Infrastructure Reform
A stable and well-functioning tri-party repo market is critical to the health and stability of the U.S. financial markets and the U.S. economy for several reasons. The tri-party repo market
Statistical Data
The Industry Task Force on Tri-Party Repo Reform began publishing aggregate data on the tri-party repo market in May of 2010. Publication of all the TPR and GCF Repo monthly statistical data including; daily average collateral value and margin trends in the tri-party repo market, explanatory notes and historical data is now available at Tri-Party Repo/GCF Interactive.
News and Announcements
Liberty Street Economics Blog
October 19, 2015
October 19, 2015
June 24, 2015
February 13, 2014
October 4, 2013
December 20, 2012
July 18, 2012
February 15, 2012
May 17, 2010
Speeches
August 13, 2014
November 3, 2013
October 4, 2013
June 2, 2013
February 1, 2013
August 2, 2012
June 12, 2012
May 2, 2012
April 9, 2012
Liberty Street Economics Blog
October 19, 2015
May 13, 2015
May 11, 2015
October 20, 2014
June 9, 2014
June 25, 2012
June 20, 2011
November 7, 2011
Related New York Fed Content
Related External Content
Contacts
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Key Events
2016
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2015
November: The Fixed Income Clearing Corporation (FICC) announces plans to suspend its interbank service of the GCF Repo service.
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June: The New York Fed issues a statement detailing progress made since the last public statement in February 2014. Bank of New York Mellon completed the final piece of its new settlement process for triparty repo, achieving a number of reform goals. Clearing banks, dealers and investors all made changes to their practices and processes that helped to achieve reform goals.
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2014
May: Bank of New York Mellon implements technology changes that further reduce the extension of intraday credit to dealers to facilitate tri-party repo settlement. Bank of New York Mellon and J.P. Morgan Chase have now reduced the extension of intraday credit to dealers to less than 10% of the entire tri-party repo book.
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March: J.P. Morgan Chase meets the intraday risk reduction goal for all non-GCF tri-party repo transactions and transitions clients to capped committed credit.
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2013
November: Bank of New York Mellon stops providing intraday credit to facilitate the settlement of non-maturing trades and rolled trades (those renewed with same counterparty and collateral).
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June: J.P. Morgan Chase stops providing intraday credit to facilitate the settlement of rolled trades (those renewed with same counterparty, collateral, and value).
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February: Bank of New York Mellon stops providing intraday credit to facilitate the settlement of repos backed by non-government securities.
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2012
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November: J.P. Morgan Chase introduces collateral optimization functionality that allows it to stop providing intraday credit to manage the settlement of non-maturing trades.
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2011
October: J.P. Morgan Chase and Bank of New York Mellon implement the three-way trade matching process recommended by the industry Task Force.
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August: J.P. Morgan Chase and Bank of New York Mellon implement the industry Task Force’s recommendation to move the start of tri-party repo settlement from 8:30 am to 3:30 pm.
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June: J.P. Morgan Chase and Bank of New York Mellon implement the industry Task Force’s recommendation to establish automated collateral substitution capability.
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2010
May: The industry Task Force issues a report recommending ways in which the tri-party repo settlement process should be reengineered to reduce the market's reliance on intraday credit provided by clearing banks.
 The New York Fed issues a white paper articulating the need for tri-party repo infrastructure reform and articulating the attributes that a new settlement process must have to be resilient to stress. |
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2009
September: The Tri-Party Repo Infrastructure Reform Task Force is established with industry membership.
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2007-2008
Weaknesses in the tri-party repo market surfaced during the financial crisis.
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