Repurchase agreement - Knowledge (XXG)

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become insolvent prior to maturation of the repo and the buyer will be unable to recover the securities that were posted as collateral to secure the transaction. The first form—specified delivery—requires the delivery of a prespecified bond at the onset, and at maturity of the contractual period. Tri-party is essentially a basket form of transaction and allows for a wider range of instruments in the basket or pool. In a tri-party repo transaction, a third party clearing agent or bank is interposed between the "seller" and the "buyer". The third party maintains control of the securities that are the subject of the agreement and processes the payments from the "seller" to the "buyer."

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kind of transaction, just being described from opposite viewpoints. The term "reverse repo and sale" is commonly used to describe the creation of a short position in a debt instrument where the buyer in the repo transaction immediately sells the security provided by the seller on the open market. On the settlement date of the repo, the buyer acquires the relevant security on the open market and delivers it to the seller. In such a short transaction, the buyer is wagering that the relevant security will decline in value between the date of the repo and the settlement date.

2260:, the collateral pledged by the (cash) borrower is not actually delivered to the cash lender. Rather, it is placed in an internal account ("held in custody") by the borrower, for the lender, throughout the duration of the trade. This has become less common as the repo market has grown, particularly owing to the creation of centralized counterparties. Due to the high risk to the cash lender, these are generally only transacted with large, financially stable institutions. 1296:(interest payable to the owner of the securities) falling due while the repo buyer owns the securities are, in fact, usually passed directly onto the repo seller. This might seem counter-intuitive, as the legal ownership of the collateral rests with the buyer during the repo agreement. The agreement might instead provide that the buyer receives the coupon, with the cash payable on repurchase being adjusted to compensate, though this is more typical of sell/buybacks. 162: 1250: 2317:

less liquid and may suffer a higher price volatility in the event of a repo seller default, making it more difficult for the repo buyer to sell the collateral and recover their cash. The tri-party agents are able to offer sophisticated collateral eligibility filters which allow the repo buyer to create these "eligible collateral profiles" which can systemically generate collateral pools which reflect the buyer's risk appetite.

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place between the buyer and seller (typically the SIFMA/ICMA commissioned Global Master Repo Agreement (GMRA)). For this reason, there is an associated increase in risk compared to repo. Should the counterparty default, the lack of agreement may lessen legal standing in retrieving collateral. Any coupon payment on the underlying security during the life of the sell/buyback will generally be passed back to the

1486: 1034: 2409: 2151: 2056: 1923: 1528: 1153: 43: 2650:(RBI) uses repo and reverse repo to increase or decrease money supply in the economy. The rate at which the RBI lends to commercial banks is called the repo rate. In case of inflation, the RBI may increase the repo rate, thus discouraging banks to borrow and reducing the money supply in the economy. As of September 2020, the RBI repo rate is set at 4.00% and the reverse repo rate at 3.35%. 2722:

Consequently, the buyer may keep the security, and liquidate the security to recover the cash lent. The security, however, may have lost value since the outset of the transaction, as the security is subject to market movements. To mitigate this risk, repos often are over-collateralized as well as being subject to daily mark-to-market margining (i.e., if the collateral falls in value, a

1022: 2749:, as it was alleged that repo 105s had been used as an accounting trick to hide Lehman's worsening financial health. Another controversial form of repurchase order is the "internal repo" which first came to prominence in 2005. In 2011, it was suggested that repos used to finance risky trades in sovereign European bonds may have been the mechanism by which 2329:. A due bill repo is a repo in which the collateral is retained by the Cash borrower and not delivered to the cash provider. There is an increased element of risk when compared to the tri-party repo as collateral on a due bill repo is held within a client custody account at the Cash Borrower rather than a collateral account at a neutral third party. 2536: 2714: 1279:

recognised as a single transaction (important in the event of counterparty insolvency) and not as a disposal and a repurchase for tax purposes. By structuring the transaction as a sale, a repo provides significant protections to lenders from the normal operation of U.S. bankruptcy laws, such as the automatic stay and avoidance provisions.

2359:(i.e., attempting to benefit from the lower financing rates generally available for collateralized as opposed to non-secured borrowing). The economics of the transaction are also similar, with the interest on the cash borrowed through the sell/buyback being implicit in the difference between the sale price and the purchase price. 2678:. Charges have been filed against E&Y, with the allegations stating that the firm approved the practice of using repos for "the surreptitious removal of tens of billions of dollars of securities from Lehman’s balance sheet in order to create a false impression of Lehman’s liquidity, thereby defrauding the investing public". 1275:, with the buyer (effectively the lender or investor) receiving securities for collateral to protect himself against default by the seller. The party who initially sells the securities is effectively the borrower. Many types of institutional investors engage in repo transactions, including mutual funds and hedge funds. 2726:

can be triggered asking the borrower to post extra securities). Conversely, if the value of the security rises there is a credit risk for the borrower in that the creditor may not sell them back. If this is considered to be a risk, then the borrower may negotiate a repo which is under-collateralized.

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A reverse repo is simply the same repurchase agreement from the buyer's viewpoint, not the seller's. Hence, the seller executing the transaction would describe it as a "repo", while the buyer in the same transaction would describe it a "reverse repo". So "repo" and "reverse repo" are exactly the same

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has no end date which has been fixed at conclusion. Depending on the contract, the maturity is either set until the next business day and the repo matures unless one party renews it for a variable number of business days. Alternatively it has no maturity date – but one or both parties have the option

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is a security-selling party allowing buyers with cash to effectively lend it to the facility at interest with the security they purchase serving as collateral. An example is a bank with cash deposits who loans it to a reverse repo facility to earn interest on it and contribute to their own collateral

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Further, the investor/lender may demand collateral of greater value than the amount that they lend. This difference is the "haircut." These concepts are illustrated in the diagram and in the equations section. When investors perceive greater risks, they may charge higher repo rates and demand greater

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A sell/buyback is the spot sale and a forward repurchase of a security. It is two distinct outright cash market trades, one for forward settlement. The forward price is set relative to the spot price to yield a market rate of return. The basic motivation of sell/buybacks is generally the same as for

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The underlying security for many repo transactions is in the form of government or corporate bonds. Equity repos are simply repos on equity securities such as common (or ordinary) shares. Some complications can arise because of greater complexity in the tax rules for dividends as opposed to coupons.

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government bonds as collateral. In the event of a liquidation event of the repo seller the collateral is highly liquid thus enabling the repo buyer to sell the collateral quickly. A less risk averse repo buyer may be prepared to take non investment grade bonds or equities as collateral, which may be

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Repo transactions occur in three forms: specified delivery, tri-party, and held in custody (wherein the "selling" party holds the security during the term of the repo). The third form (hold-in-custody) is quite rare, particularly in developing markets, primarily due to the risk that the seller will

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As tri-party agents administer the equivalent of hundreds of billions of USD of global collateral, they have the scale to subscribe to multiple data feeds to maximise the universe of coverage. As part of a tri-party agreement the three parties to the agreement, the tri-party agent, the repo buyer

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Repurchase agreement or "Repo" transaction components. In step one, the investor provides $ 80 cash and receives $ 100 in collateral, typically bonds. In step two, the borrower buys back the collateral, paying the investor their initial cash plus an interest amount. The "repo rate" is the interest

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If the Federal Reserve is one of the transacting parties, the RP is called a "system repo", but if they are trading on behalf of a customer (e.g., a foreign central bank), it is called a "customer repo". Until 2003, the Fed did not use the term "reverse repo"—which it believed implied that it was

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There are a number of differences between the two structures. A repo is technically a single transaction whereas a sell/buyback is a pair of transactions (a sell and a buy). A sell/buyback does not require any special legal documentation while a repo generally requires a master agreement to be in

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reported in September 2019 that an estimated $ 1 trillion per day in collateral value is transacted in the U.S. repo markets. The Federal Reserve Bank of New York reports daily repo collateral volume for different types of repo arrangements. As of 24 October 2019, volumes were: secured overnight

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in 2005. Occasionally, a party involved in a repo transaction may not have a specific bond at the end of the repo contract. This may cause a string of failures from one party to the next, for as long as different parties have transacted for the same underlying instrument. The focus of the media

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While classic repos are generally credit-risk mitigated instruments, there are residual credit risks. Though it is essentially a collateralized transaction, the seller may fail to repurchase the securities sold, at the maturity date. In other words, the repo seller defaults on their obligation.

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Collateral eligibility criteria could include asset type, issuer, currency, domicile, credit rating, maturity, index, issue size, average daily traded volume, etc. Both the lender (repo buyer) and borrower (repo seller) of cash enter into these transactions to avoid the administrative burden of

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Almost any security may be employed in a repo, though highly liquid securities are preferred as they are more easily disposed of in the event of a default and, more importantly, they can be easily obtained in the open market where the buyer has created a short position in the repo security by a

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led to a default, it could cause considerable disruption to the repo market. This was because treasuries are the most commonly used collateral in the US repo market, and as a default would have downgraded the value of treasuries, it could have resulted in repo borrowers having to post far more

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In a repo, the investor/lender provides cash to a borrower, with the loan secured by the collateral of the borrower, typically bonds. In the event the borrower defaults, the investor/lender gets the collateral. Investors are typically financial entities such as money market mutual funds, while

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Although the transaction is similar to a loan, and its economic effect is similar to a loan, the terminology differs from that applying to loans: the seller legally repurchases the securities from the buyer at the end of the loan term. However, a key aspect of repos is that they are legally

2382:, the purpose is to temporarily obtain the security for other purposes, such as covering short positions or for use in complex financial structures. Securities are generally lent out for a fee and securities lending trades are governed by different types of legal agreements than repos. 3213:

In other words, if the lender seeks a high rate of return they can accept securities with a relatively high risk of falling in value and so enjoy a higher repo rate, whereas if they are risk averse they can select securities which are expected to rise or at least not fall in

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Repos have traditionally been used as a form of collateralized loan and have been treated as such for tax purposes. Modern Repo agreements, however, often allow the cash lender to sell the security provided as collateral and substitute an identical security at repurchase.

3224: 1432:, repo evolved to provide large non-depository financial institutions with a method of secured lending analogous to the depository insurance provided by the government in traditional banking, with the collateral acting as the guarantee for the investor. 1439:. This resulted in a change in how accrued interest is used in calculating the value of the repo securities. In the same year, the failure of Lombard-Wall, Inc. resulted in a change in the federal bankruptcy laws pertaining to repos. The failure of 2605:

to the banking system and then after a specified period of time withdraw them; reverse repos initially drain reserves and later add them back. This tool can also be used to stabilize interest rates, and the Federal Reserve has used it to adjust the

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It is this "eligible collateral profile" that enables the repo buyer to define their risk appetite in respect of the collateral that they are prepared to hold against their cash. For example, a more risk averse repo buyer may wish to only hold

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During September 2019, the U.S. Federal Reserve intervened in the role of investor to provide funds in the repo markets, when overnight lending rates jumped due to a series of technical factors that had limited the supply of funds available.

1510:) have tried to estimate the size of their respective repo markets. At the end of 2004, the US repo market reached US$ 5 trillion. Especially in the US and to a lesser degree in Europe, the repo market contracted in 2008 as a result of the 1291:

Treasury or Government bills, corporate and Treasury/Government bonds, and stocks may all be used as "collateral" in a repo transaction. Unlike a secured loan, however, legal title to the securities passes from the seller to the buyer.

1503:) $ 1,086 billion; broad general collateral rate (BGCR) $ 453 billion, and tri-party general collateral rate (TGCR) $ 425 billion. These figures however, are not additive, as the latter 2 are merely components of the former, SOFR. 2505:

For the buyer, a repo is an opportunity to invest cash for a customized period of time (other investments typically limit tenures). It is short-term and safer as a secured investment since the investor receives collateral.

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positions (in the securities they post as collateral), obtain access to cheaper funding costs for long positions in other speculative investments, and cover short positions in securities (via a "reverse repo and sale").

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who agrees to buy them back within typically one to seven days; a reverse repo is the opposite. Thus, the Fed describes these transactions from the counterparty's viewpoint rather than from their own viewpoint.

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Secured Overnight Financing Rate or SOFR, a proxy for the overnight repo interest rate. During September 2019, the SOFR significantly increased, resulting in intervention by the U.S. Federal Reserve.

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in Ohio and a run on other banks insured by the private-insurance Ohio Deposit Guarantee Fund. The failure of these and other firms led to the enactment of the Government Securities Act of 1986.

2280:, the tri-party agent, acts as an intermediary between the two parties to the repo. The tri-party agent is responsible for the administration of the transaction, including collateral allocation, 1097:. The dealer sells the underlying security to investors and, by agreement between the two parties, buys them back shortly afterwards, usually the following day, at a slightly higher price. 2753:

put at risk some several hundred million dollars of client funds, before its bankruptcy in October 2011. Much of the collateral for the repos is understood to have been obtained by the

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A whole loan repo is a form of repo where the transaction is collateralized by a loan or other form of obligation (e.g., mortgage receivables) rather than a security.

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refers to a repo with a specified end date: although repos are typically short-term (a few days), it is not unusual to see repos with a maturity as long as two years.

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In the United States, repos have been used from as early as 1917 when wartime taxes made older forms of lending less attractive. At first, repos were used just by the

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of the security by adjusting the cash paid at the termination of the sell/buyback. In a repo, the coupon will be passed on immediately to the seller of the security.

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The sole difference is that in (i) the asset is sold (and later re-purchased), whereas in (ii) the asset is instead pledged as a collateral for a loan: in the

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strategy to bolster their profitability reports for a few days during reporting season, and mis-classified the repos as true sales. New York attorney general

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to temporarily conceal significant losses by intentionally timed, half-completed trades during the reporting season. This mis-use of repos is similar to the

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Credit risk associated with repo is subject to many factors: term of repo, liquidity of security, the strength of the counterparties involved, etc.

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Certain forms of repo transactions came into focus within the financial press due to the technicalities of settlements following the collapse of

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to lend to other banks, but the practice soon spread to other market participants. The use of repos expanded in the 1920s, fell away through the

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rate received by the investor, in this case (88–80)/80 = 10%, while the "Haircut" is a ratio of the cash loan to collateral (100–80)/100 = 20%.

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held by the borrower financial institutions. An estimated $ 1 trillion per day in collateral value is transacted in the U.S. repo markets.

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on the repo market, in which funding for investment banks was either unavailable or at very high interest rates, was a key aspect of the

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on the repo market, in which funding for investment banks was either unavailable or at very high interest rates, was a key aspect of the

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with SIX offering services in the Swiss market. The size of the US tri-party repo market peaked in 2008 before the worst effects of the

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borrowers are non-depository financial institutions such as investment banks and hedge funds. The investor/lender charges interest (the

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and WWII, then expanded once again in the 1950s, enjoying rapid growth in the 1970s and 1980s in part due to computer technology.

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During September 2019, the U.S. Federal Reserve intervened in the role of investor to provide funds in the repo markets, when

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sector, which has grown to rival the traditional depository banking sector in size. Large institutional investors such as

1057: 1026: 270: 3388: 1514:. But, by mid-2010, the market had largely recovered and, at least in Europe, had grown to exceed its pre-crisis peak. 2694: 2459: 2285: 2201: 1203: 93: 3111: 3080: 2554: 2066: 1933: 1538: 1346:, a third party facilitates elements of the transaction, typically custody, escrow, monitoring, and other services. 3536: 1117: 836: 550: 240: 2419: 2161: 2085: 2070: 1952: 1937: 1557: 1542: 1163: 53: 2558: 2441: 2183: 1440: 1185: 897: 782: 560: 334: 75: 2958: 3521: 2626: 2277: 1455: 1128: 1050: 586: 1987:

has given rise to a lot of misunderstanding: there are two types of transactions with identical cash flows:

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Repurchase and Reverse Repurchase Transactions – Fedpoints – Federal Reserve Bank of New York

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alleged that this practice was fraudulent and happened under the watch of accounting firm

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In 1982, the failure of Drysdale Government Securities led to a loss of $ 285 million for

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reverse repo and market sale; by the same token, non liquid securities are discouraged.

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The repo market is an important source of funds for large financial institutions in the

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requirements (as deposit banks) with the collateral they obtain in the transaction.

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due to a series of technical factors that had limited the supply of funds available.

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due to a series of technical factors that had limited the supply of funds available.

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Explanation of the Federal Reserve repurchase agreements actions of August 10, 2007

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borrowing money (counter to its charter)—but used the term "matched sale" instead.

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Statement Regarding Counterparties for Reverse Repurchase Agreements March 8, 2010

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bi-lateral repos. In addition, because the collateral is being held by an agent,

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The Federal Reserve and the European Repo and Collateral Council (a body of the

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In July 2011, concerns arose among bankers and the financial press that if the

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Baklanova, Viktoria; Copeland, Adam; McCaughrin, Rebecca (September 2015),

3364:"Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt" 2705:

members and allowed Greece to "hide" more than 2.3 billion Euros of debt.

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at approximately $ 2.8 trillion and by mid-2010 was about $ 1.6 trillion.

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risk is reduced. A tri-party repo may be seen as the outgrowth of the '

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Hedge Funds and Other Private Funds: Regulation and Compliance,

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can be interpreted as the interest rate for the period between

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Whereas a repo facility is a security-buying party acting as a

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which were used as a Tobashi scheme to legally circumvent the

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Under a repurchase agreement, the Federal Reserve (Fed) buys

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to terminate the transaction within a pre-agreed time frame.

3026:"The Evolution of Repo Contracting Conventions in the 1980s" 2510:

for repos is good, and rates are competitive for investors.

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can be expected to be greater than the original sale price P

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McCormick, Liz Capo; Alexandra Harris (11 September 2019).

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The Evolution of Repo Contracting Conventions in the 1980s

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attention centers on attempts to mitigate these failures.

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mutual funds lend money to financial institutions such as

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Hussman Funds, 13 August 2007. Accessed 3 September 2010.

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For traders in trading firms, repos are used to finance

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A buy/sell back is the equivalent of a "reverse repo".

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A repurchase agreement is a transaction concluded on a

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Lehman Brothers' use of repos as a mis-classified sale

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STOCK TRADING STOCK TRADING STRATEGY & EDUCATION

2959:"Statement Regarding Monetary Policy Implementation" 2653: 67:. Unsourced material may be challenged and removed. 3180: 3110: 3109:Darrell Duffie and Anil K Kashyap (27 July 2011). 1893: 1794: 1633: 3507:, no. 740, Federal Reserve Bank of New York 2741:In 2008, attention was drawn to a form known as 2681:In the Lehman Brothers case, repos were used as 1354:The following table summarizes the terminology: 3146:"Reference Rate Production Update ARRC Meeting" 1093:, is a form of short-term borrowing, mainly in 3414:AZAM AHMED and BEN PROTESS (3 November 2011). 3182:"Repo needs a backstop to avoid future crises" 3060:Wall St. Securities Firm Files For Bankruptcy 2757:of other collateral belonging to the clients. 2252:Due bill/hold in-custody repo / bilateral repo 2903: 2901: 2899: 2897: 2895: 1692:which is already pre-agreed on the deal date. 1058: 8: 3312:"RBI unlikely to change repo rate this week" 2867: 2865: 2863: 2841: 2839: 2837: 2835: 2833: 2831: 2557:. There might be a discussion about this on 1696:If positive interest rates are assumed, the 1317:of cash to security sellers who effectively 2514:are large buyers of Repurchase Agreements. 2084:. Unsourced material may be challenged and 1951:. Unsourced material may be challenged and 1556:. Unsourced material may be challenged and 943:International Financial Reporting Standards 908:Separation of investment and retail banking 30:"Repo" redirects here. For other uses, see 3171: 3169: 2526:United States Federal Reserve use of repos 1325:), with the security they sell serving as 1065: 1051: 936: 869: 707: 509: 176: 140: 2953: 2951: 2924: 2913:"Securitized banking and the run on repo" 2848:"Wall Street is Buzzing About Repo Rates" 2577:Learn how and when to remove this message 2493:Learn how and when to remove this message 2235:Learn how and when to remove this message 2104:Learn how and when to remove this message 1971:Learn how and when to remove this message 1879: 1866: 1859: 1848: 1837: 1824: 1817: 1815: 1783: 1770: 1760: 1749: 1738: 1725: 1718: 1716: 1625: 1619: 1576:Learn how and when to remove this message 1237:Learn how and when to remove this message 1112:, either in exchange for (or secured by) 127:Learn how and when to remove this message 3019: 3017: 2116:There are two types of repo maturities: 1508:International Capital Market Association 1356: 2827: 1913:Ambiguity in the usage of the term repo 872: 749: 710: 604: 573: 512: 319: 269: 179: 152: 3255:: CS1 maint: archived copy as title ( 3248: 1518:Repo expressed as mathematical formula 3195:from the original on 10 December 2022 3125:from the original on 10 December 2022 7: 2642:Reserve Bank of India's use of repos 2431:adding citations to reliable sources 2173:adding citations to reliable sources 2082:adding citations to reliable sources 1949:adding citations to reliable sources 1554:adding citations to reliable sources 1271:A repo is economically similar to a 1175:adding citations to reliable sources 65:adding citations to reliable sources 2846:Matt Phillips (18 September 2019). 2278:international clearing organization 2038:whereas the ownership remains with 2006:, the ownership and possession of 982:Private equity and venture capital 893:Bank for International Settlements 25: 3337:"E&Y sued over Lehmans audit" 3024:Kenneth D. Garbade (1 May 2006). 1330: 1027:Business and Economics portal 3362:Balzli, Beat (8 February 2010). 3153:Federal Reserve Bank of New York 2991:Chen, James (28 December 2020). 2977:Lemke, Lins, Hoenig & Rube, 2534: 2407: 2350:Sell/buybacks and buy/sell backs 2268:The distinguishing feature of a 2149: 2054: 1998:(ii) a collateralized borrowing. 1921: 1526: 1151: 1032: 1020: 615:Base erosion and profit shifting 160: 41: 3144:Sherman, Scott (26 June 2019). 2873:"Treasury Repo Reference Rates" 2418:needs additional citations for 2160:needs additional citations for 1711:The (time-adjusted) difference 1350:Structure and other terminology 1300:Overcollateralization (haircut) 1162:needs additional citations for 52:needs additional citations for 2993:"Reverse Repurchase Agreement" 2981:§6:38 (Thomson West, 2016 ed.) 1475:overnight lending rates jumped 1443:in 1985 led to the closing of 1137:overnight lending rates jumped 375:Collateralised debt obligation 285:Bull (stock market speculator) 1: 2591:Federal Open Market Committee 2004:sell-and-buy-back transaction 1467:2011 U.S. debt ceiling crisis 1116:, such as Treasury bonds and 1091:sale and repurchase agreement 721:Final consumption expenditure 3077:FRBNY Economic Policy Review 2641: 2601:, repurchase agreements add 1428:According to Yale economist 27:Form of short-term borrowing 3552:Operations of central banks 3443:"Rehypothecation revisited" 3284:"Definition of 'Repo Rate'" 2286:The Bank of New York Mellon 3568: 2627:mortgage-backed securities 1806:, which is the annualized 1118:mortgage-backed securities 953:Professional certification 551:Enterprise risk management 335:Offshore financial centres 29: 2701:deficit rules for active 2664:"repo 105" and "repo 108" 1441:ESM Government Securities 898:Financial Stability Board 3547:Money market instruments 2619:U.S. Treasury securities 1489:Composition of SOFR Rate 1456:subprime mortgage crisis 1129:subprime mortgage crisis 587:Mergers and acquisitions 2589:When transacted by the 1445:Home State Savings Bank 3474:Bloomberg Businessweek 3094:Santa Clara Law Review 2718: 2599:open market operations 2442:"Repurchase agreement" 2184:"Repurchase agreement" 2026:transferred back from 1895: 1796: 1635: 1490: 1321:cash at interest (the 1255: 1186:"Repurchase agreement" 1102:non-depository banking 389:certificate of deposit 76:"Repurchase agreement" 3542:Derivatives (finance) 3179:(23 September 2010). 2771:Collateral management 2716: 2662:used repos nicknamed 2648:Reserve Bank of India 1896: 1797: 1636: 1488: 1331:reverse repo facility 1309:Reverse repo facility 1252: 1095:government securities 340:Conduit and sink OFCs 32:Repo (disambiguation) 2822:Notes and references 2658:The investment bank 2547:confusing or unclear 2427:improve this article 2169:improve this article 2078:improve this section 2010:are transferred at t 1945:improve this section 1814: 1810:of the transaction. 1715: 1618: 1595:between two parties 1550:improve this section 1437:Chase Manhattan Bank 1171:improve this article 1079:repurchase agreement 566:Financial statements 546:Credit rating agency 471:Repurchase agreement 61:improve this article 3188:The Financial Times 2668:creative accounting 2555:clarify the section 2046:Maturities of repos 1648:at an agreed price 1002:Accounting scandals 992:Stock market bubble 712:Government spending 669:Employment contract 621:Corporate tax haven 380:Credit default swap 3421:The New York Times 3395:. 22 February 2010 3343:. 21 December 2010 3316:The Economic Times 3289:The Economic Times 3271:"Hardly a Bailout" 2967:. 11 October 2019. 2853:The New York Times 2811:Official bank rate 2719: 2608:federal funds rate 2380:securities lending 2374:Securities lending 1891: 1792: 1634:{\textstyle t_{N}} 1631: 1495:The New York Times 1491: 1256: 1081:, also known as a 997:Stock market crash 847:Investment banking 837:Fractional-reserve 802:Warrant of payment 751:Government revenue 674:Financial planning 592:Structured finance 3537:Capital budgeting 2816:Total return swap 2796:Implied repo rate 2699:Maastricht Treaty 2695:"Greek Debt Mask" 2676:Ernst & Young 2623:agency securities 2587: 2586: 2579: 2503: 2502: 2495: 2477: 2282:marking to market 2245: 2244: 2237: 2219: 2114: 2113: 2106: 1993:sell-and-buy-back 1981: 1980: 1973: 1889: 1854: 1790: 1755: 1641:sell a specified 1586: 1585: 1578: 1410: 1409: 1406:Sells securities 1392:Sells securities 1247: 1246: 1239: 1221: 1075: 1074: 965: 964: 915: 914: 903:Deposit insurance 809: 808: 643: 642: 541:Corporate finance 536:Capital structure 531:Capital budgeting 466:Performance bonds 347: 346: 330:Financial centres 290:Financial planner 190:Asset (economics) 137: 136: 129: 111: 16:(Redirected from 3559: 3508: 3502: 3485: 3483: 3481: 3459: 3458: 3456: 3454: 3449:on 8 August 2014 3439: 3433: 3432: 3430: 3428: 3411: 3405: 3404: 3402: 3400: 3385: 3379: 3378: 3376: 3374: 3359: 3353: 3352: 3350: 3348: 3333: 3327: 3326: 3324: 3322: 3307: 3301: 3300: 3298: 3296: 3280: 3274: 3267: 3261: 3260: 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Archived from 3229: 3221: 3215: 3211: 3205: 3204: 3202: 3200: 3184: 3173: 3164: 3163: 3161: 3159: 3150: 3141: 3135: 3134: 3132: 3130: 3114: 3106: 3100: 3099: 3096:January 1, 1987" 3088: 3082: 3073: 3067: 3058: 3052: 3051: 3049: 3047: 3042:on 11 April 2010 3041: 3035:. 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the 1123:In 2007–2008, a 1110:investment banks 1067: 1060: 1053: 1039:Money portal 1037: 1036: 1035: 1025: 1024: 975:Economic history 937: 870: 768:Deficit spending 742:Transfer payment 708: 636:Transfer pricing 582:Leveraged buyout 556:Enterprise value 510: 425:Letter of credit 410:Futures contract 243: 241:Over-the-counter 230:Foreign exchange 177: 164: 141: 132: 125: 121: 118: 112: 110: 69: 45: 37: 21: 3567: 3566: 3562: 3561: 3560: 3558: 3557: 3556: 3527: 3526: 3500: 3495: 3492: 3479: 3477: 3466: 3463: 3462: 3452: 3450: 3441: 3440: 3436: 3426: 3424: 3413: 3412: 3408: 3398: 3396: 3387: 3386: 3382: 3372: 3370: 3361: 3360: 3356: 3346: 3344: 3341:Accountancy Age 3335: 3334: 3330: 3320: 3318: 3309: 3308: 3304: 3294: 3292: 3282: 3281: 3277: 3268: 3264: 3247: 3240: 3238: 3237:on 6 March 2016 3234: 3227: 3225:"Archived copy" 3223: 3222: 3218: 3212: 3208: 3198: 3196: 3175: 3174: 3167: 3157: 3155: 3148: 3143: 3142: 3138: 3128: 3126: 3118:Financial Times 3108: 3107: 3103: 3090: 3089: 3085: 3074: 3070: 3064:13 August 1982 3059: 3055: 3045: 3043: 3039: 3028: 3023: 3022: 3015: 3005: 3003: 2990: 2989: 2985: 2976: 2972: 2964:Federal Reserve 2957: 2956: 2949: 2939: 2937: 2911:(August 2009). 2907: 2906: 2893: 2883: 2881: 2878:Federal Reserve 2871: 2870: 2861: 2845: 2844: 2829: 2824: 2781:Discount window 2767: 2755:rehypothecation 2747:Lehman collapse 2711: 2683:Tobashi schemes 2660:Lehman Brothers 2656: 2644: 2595:Federal Reserve 2583: 2572: 2566: 2563: 2552: 2539: 2535: 2528: 2499: 2488: 2482: 2479: 2436: 2434: 2424: 2412: 2401: 2392: 2376: 2352: 2343: 2335: 2333:Whole loan repo 2290:JP Morgan Chase 2266: 2254: 2241: 2230: 2224: 2221: 2178: 2176: 2166: 2154: 2143: 2110: 2099: 2093: 2090: 2075: 2059: 2048: 2025: 2013: 1977: 1966: 1960: 1957: 1942: 1926: 1915: 1875: 1862: 1861: 1844: 1833: 1820: 1819: 1812: 1811: 1779: 1766: 1765: 1745: 1734: 1721: 1720: 1713: 1712: 1707: 1703: 1690: 1676: 1672: 1653: 1621: 1616: 1615: 1593: 1582: 1571: 1565: 1562: 1547: 1531: 1520: 1483: 1460:Great Recession 1419:Federal Reserve 1415: 1383: 1381: 1376: 1374: 1352: 1340: 1311: 1302: 1285: 1261: 1243: 1232: 1226: 1223: 1180: 1178: 1168: 1156: 1145: 1133:Great Recession 1071: 1033: 1031: 1019: 1007: 1006: 977: 967: 966: 958:Fund governance 934: 917: 916: 883:Banking license 874:Bank regulation 861: 832:Deposit account 821: 811: 810: 797:Non-tax revenue 793: 772: 738: 705: 695: 694: 691: 655: 645: 644: 597:Venture capital 561:Risk management 507: 497: 496: 495: 486:Syndicated loan 462: 359: 349: 348: 239: 174: 133: 122: 116: 113: 70: 68: 58: 46: 35: 28: 23: 22: 15: 12: 11: 5: 3565: 3563: 3555: 3554: 3549: 3544: 3539: 3529: 3528: 3525: 3524: 3519: 3514: 3509: 3491: 3490:External links 3488: 3487: 3486: 3461: 3460: 3434: 3406: 3380: 3368:Spiegel Online 3354: 3328: 3302: 3275: 3269:John Hussman. 3262: 3216: 3206: 3165: 3136: 3101: 3083: 3068: 3062:New York Times 3053: 3013: 2983: 2970: 2947: 2926:10.3386/w15223 2891: 2859: 2826: 2825: 2823: 2820: 2819: 2818: 2813: 2808: 2803: 2798: 2793: 2788: 2783: 2778: 2773: 2766: 2763: 2745:following the 2710: 2707: 2703:European Union 2655: 2652: 2646:In India, the 2643: 2640: 2631:primary dealer 2585: 2584: 2542: 2540: 2533: 2527: 2524: 2501: 2500: 2415: 2413: 2406: 2400: 2397: 2391: 2388: 2375: 2372: 2351: 2348: 2342: 2339: 2334: 2331: 2274:custodian bank 2270:tri-party repo 2265: 2264:Tri-party repo 2262: 2253: 2250: 2243: 2242: 2157: 2155: 2148: 2142: 2139: 2112: 2111: 2062: 2060: 2053: 2047: 2044: 2023: 2011: 2000: 1999: 1996: 1979: 1978: 1929: 1927: 1920: 1914: 1911: 1888: 1882: 1878: 1874: 1869: 1865: 1858: 1851: 1847: 1840: 1836: 1832: 1827: 1823: 1802:is called the 1786: 1782: 1778: 1773: 1769: 1764: 1759: 1752: 1748: 1741: 1737: 1733: 1728: 1724: 1705: 1701: 1694: 1693: 1688: 1677:) re-purchase 1674: 1670: 1659: 1651: 1628: 1624: 1591: 1584: 1583: 1534: 1532: 1525: 1519: 1516: 1482: 1479: 1414: 1411: 1408: 1407: 1404: 1401: 1397: 1396: 1393: 1390: 1386: 1385: 1384:Cash provider 1378: 1377:Cash receiver 1371: 1367: 1366: 1363: 1360: 1351: 1348: 1344:tri-party repo 1339: 1338:Tri-party repo 1336: 1310: 1307: 1301: 1298: 1284: 1281: 1260: 1257: 1245: 1244: 1159: 1157: 1150: 1144: 1141: 1073: 1072: 1070: 1069: 1062: 1055: 1047: 1044: 1043: 1042: 1041: 1029: 1017: 1009: 1008: 1005: 1004: 999: 994: 989: 984: 978: 973: 972: 969: 968: 963: 962: 961: 960: 955: 950: 945: 935: 923: 922: 919: 918: 913: 912: 911: 910: 905: 900: 895: 890: 885: 877: 876: 868: 867: 865:Lists of banks 860: 859: 854: 849: 844: 839: 834: 829: 823: 822: 817: 816: 813: 812: 807: 806: 805: 804: 799: 794: 792: 791: 786: 775: 773: 771: 770: 765: 759: 754: 753: 747: 746: 745: 744: 739: 737: 736: 734:Redistribution 731: 725: 723: 715: 714: 706: 701: 700: 697: 696: 693: 692: 690: 689: 684: 678: 676: 671: 666: 656: 651: 650: 647: 646: 641: 640: 639: 638: 633: 628: 623: 618: 609: 608: 602: 601: 600: 599: 594: 589: 584: 576: 575: 571: 570: 569: 568: 563: 558: 553: 548: 543: 538: 533: 528: 523: 515: 514: 508: 503: 502: 499: 498: 494: 493: 488: 483: 478: 473: 468: 461: 460: 454: 449: 439: 438: 437: 432: 427: 422: 417: 412: 407: 402: 397: 392: 382: 377: 372: 367: 361: 360: 355: 354: 351: 350: 345: 344: 343: 342: 337: 332: 324: 323: 317: 316: 315: 314: 309: 304: 303: 302: 292: 287: 282: 280:Angel investor 274: 273: 267: 266: 265: 264: 259: 254: 249: 247:Private equity 244: 237: 232: 227: 222: 217: 212: 207: 202: 197: 192: 184: 183: 175: 170: 169: 166: 165: 157: 156: 150: 149: 135: 134: 117:September 2022 49: 47: 40: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3564: 3553: 3550: 3548: 3545: 3543: 3540: 3538: 3535: 3534: 3532: 3523: 3520: 3518: 3515: 3513: 3510: 3506: 3505:Staff Reports 3499: 3494: 3493: 3489: 3476: 3475: 3470: 3465: 3464: 3448: 3444: 3438: 3435: 3423: 3422: 3417: 3410: 3407: 3394: 3390: 3384: 3381: 3369: 3365: 3358: 3355: 3342: 3338: 3332: 3329: 3317: 3313: 3310:Das, Saikat. 3306: 3303: 3291: 3290: 3285: 3279: 3276: 3272: 3266: 3263: 3258: 3252: 3233: 3226: 3220: 3217: 3210: 3207: 3194: 3190: 3189: 3183: 3178: 3172: 3170: 3166: 3154: 3147: 3140: 3137: 3124: 3120: 3119: 3113: 3105: 3102: 3097: 3095: 3087: 3084: 3081: 3078: 3072: 3069: 3066: 3063: 3057: 3054: 3038: 3034: 3027: 3020: 3018: 3014: 3002: 2998: 2994: 2987: 2984: 2980: 2974: 2971: 2966: 2965: 2960: 2954: 2952: 2948: 2936: 2932: 2927: 2922: 2918: 2914: 2910: 2904: 2902: 2900: 2898: 2896: 2892: 2880: 2879: 2874: 2868: 2866: 2864: 2860: 2855: 2854: 2849: 2842: 2840: 2838: 2836: 2834: 2832: 2828: 2821: 2817: 2814: 2812: 2809: 2807: 2804: 2802: 2799: 2797: 2794: 2792: 2791:Federal funds 2789: 2787: 2784: 2782: 2779: 2777: 2776:Currency swap 2774: 2772: 2769: 2768: 2764: 2762: 2758: 2756: 2752: 2748: 2744: 2739: 2736: 2731: 2728: 2725: 2715: 2708: 2706: 2704: 2700: 2696: 2692: 2691:Goldman Sachs 2688: 2684: 2679: 2677: 2673: 2669: 2665: 2661: 2651: 2649: 2639: 2635: 2632: 2628: 2624: 2620: 2615: 2613: 2610:to match the 2609: 2604: 2600: 2596: 2592: 2581: 2578: 2570: 2560: 2559:the talk page 2556: 2550: 2548: 2543:This section 2541: 2532: 2531: 2525: 2523: 2520: 2515: 2513: 2509: 2497: 2494: 2486: 2475: 2472: 2468: 2465: 2461: 2458: 2454: 2451: 2447: 2444: – 2443: 2439: 2438:Find sources: 2432: 2428: 2422: 2421: 2416:This section 2414: 2410: 2405: 2404: 2398: 2396: 2389: 2387: 2383: 2381: 2373: 2371: 2368: 2366: 2360: 2358: 2349: 2347: 2340: 2338: 2332: 2330: 2328: 2327:due bill repo 2324: 2318: 2315: 2309: 2305: 2303: 2299: 2295: 2291: 2287: 2283: 2279: 2275: 2271: 2263: 2261: 2259: 2258:due bill repo 2251: 2249: 2239: 2236: 2228: 2217: 2214: 2210: 2207: 2203: 2200: 2196: 2193: 2189: 2186: – 2185: 2181: 2180:Find sources: 2174: 2170: 2164: 2163: 2158:This section 2156: 2152: 2147: 2146: 2140: 2138: 2135: 2131: 2129: 2125: 2123: 2119: 2108: 2105: 2097: 2087: 2083: 2079: 2073: 2072: 2068: 2063:This section 2061: 2057: 2052: 2051: 2045: 2043: 2041: 2037: 2033: 2029: 2021: 2017: 2009: 2005: 1997: 1994: 1990: 1989: 1988: 1986: 1975: 1972: 1964: 1954: 1950: 1946: 1940: 1939: 1935: 1930:This section 1928: 1924: 1919: 1918: 1912: 1910: 1908: 1904: 1886: 1880: 1876: 1872: 1867: 1863: 1856: 1849: 1845: 1838: 1834: 1830: 1825: 1821: 1809: 1808:interest rate 1805: 1784: 1780: 1776: 1771: 1767: 1762: 1757: 1750: 1746: 1739: 1735: 1731: 1726: 1722: 1709: 1699: 1691: 1684: 1680: 1668: 1664: 1660: 1658: 1654: 1647: 1644: 1626: 1622: 1614: 1610: 1606: 1605: 1604: 1602: 1598: 1594: 1580: 1577: 1569: 1559: 1555: 1551: 1545: 1544: 1540: 1535:This section 1533: 1529: 1524: 1523: 1517: 1515: 1513: 1509: 1504: 1502: 1497: 1496: 1487: 1480: 1478: 1476: 1471: 1468: 1463: 1461: 1457: 1453: 1448: 1446: 1442: 1438: 1433: 1431: 1426: 1424: 1420: 1412: 1405: 1402: 1399: 1398: 1394: 1391: 1388: 1387: 1379: 1372: 1369: 1368: 1365:Reverse repo 1364: 1361: 1359: 1358: 1355: 1349: 1347: 1345: 1337: 1335: 1332: 1328: 1324: 1320: 1316: 1308: 1306: 1299: 1297: 1295: 1289: 1282: 1280: 1276: 1274: 1269: 1267: 1259:Repo facility 1258: 1251: 1241: 1238: 1230: 1219: 1216: 1212: 1209: 1205: 1202: 1198: 1195: 1191: 1188: – 1187: 1183: 1182:Find sources: 1176: 1172: 1166: 1165: 1160:This section 1158: 1154: 1149: 1148: 1142: 1140: 1138: 1134: 1130: 1126: 1121: 1119: 1115: 1111: 1107: 1103: 1098: 1096: 1092: 1088: 1084: 1080: 1068: 1063: 1061: 1056: 1054: 1049: 1048: 1046: 1045: 1040: 1030: 1028: 1023: 1018: 1016: 1013: 1012: 1011: 1010: 1003: 1000: 998: 995: 993: 990: 988: 985: 983: 980: 979: 976: 971: 970: 959: 956: 954: 951: 949: 946: 944: 941: 940: 939: 938: 933: 932:Financial law 930: 926: 921: 920: 909: 906: 904: 901: 899: 896: 894: 891: 889: 888:Basel Accords 886: 884: 881: 880: 879: 878: 875: 871: 866: 863: 862: 858: 855: 853: 850: 848: 845: 843: 840: 838: 835: 833: 830: 828: 825: 824: 820: 815: 814: 803: 800: 798: 795: 790: 787: 784: 780: 777: 776: 774: 769: 766: 764: 761: 760: 758: 757: 756: 755: 752: 748: 743: 740: 735: 732: 730: 727: 726: 724: 722: 719: 718: 717: 716: 713: 709: 704: 699: 698: 688: 685: 683: 680: 679: 677: 675: 672: 670: 667: 665: 661: 658: 657: 654: 649: 648: 637: 634: 632: 629: 627: 626:Tax inversion 624: 622: 619: 616: 613: 612: 611: 610: 607: 603: 598: 595: 593: 590: 588: 585: 583: 580: 579: 578: 577: 572: 567: 564: 562: 559: 557: 554: 552: 549: 547: 544: 542: 539: 537: 534: 532: 529: 527: 524: 522: 519: 518: 517: 516: 511: 506: 501: 500: 492: 491:Synthetic CDO 489: 487: 484: 482: 479: 477: 474: 472: 469: 467: 464: 463: 458: 455: 453: 450: 448: 444: 441: 440: 436: 433: 431: 428: 426: 423: 421: 418: 416: 413: 411: 408: 406: 403: 401: 398: 396: 393: 390: 386: 383: 381: 378: 376: 373: 371: 368: 366: 363: 362: 358: 353: 352: 341: 338: 336: 333: 331: 328: 327: 326: 325: 322: 318: 313: 310: 308: 305: 301: 300:institutional 298: 297: 296: 293: 291: 288: 286: 283: 281: 278: 277: 276: 275: 272: 268: 263: 260: 258: 255: 253: 250: 248: 245: 242: 238: 236: 233: 231: 228: 226: 223: 221: 218: 216: 213: 211: 208: 206: 205:Capital asset 203: 201: 198: 196: 193: 191: 188: 187: 186: 185: 182: 178: 173: 168: 167: 163: 159: 158: 155: 151: 147: 143: 142: 139: 131: 128: 120: 109: 106: 102: 99: 95: 92: 88: 85: 81: 78: – 77: 73: 72:Find sources: 66: 62: 56: 55: 50:This article 48: 44: 39: 38: 33: 19: 3504: 3478:. 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Retrieved 2876: 2851: 2806:Money market 2759: 2740: 2732: 2729: 2720: 2680: 2672:Andrew Cuomo 2657: 2645: 2636: 2616: 2588: 2573: 2567:October 2012 2564: 2553:Please help 2544: 2516: 2504: 2489: 2480: 2470: 2463: 2456: 2449: 2437: 2425:Please help 2420:verification 2417: 2393: 2390:Reverse repo 2384: 2377: 2369: 2364: 2361: 2357:classic repo 2356: 2353: 2344: 2336: 2326: 2323:counterparty 2319: 2314:"on-the-run" 2310: 2306: 2269: 2267: 2257: 2255: 2246: 2231: 2222: 2212: 2205: 2198: 2191: 2179: 2167:Please help 2162:verification 2159: 2133: 2132: 2127: 2126: 2121: 2117: 2115: 2100: 2091: 2076:Please help 2064: 2039: 2035: 2031: 2027: 2019: 2015: 2007: 2003: 2001: 1992: 1984: 1982: 1967: 1958: 1943:Please help 1931: 1906: 1902: 1803: 1710: 1695: 1686: 1682: 1678: 1666: 1665:will on the 1662: 1656: 1649: 1645: 1612: 1611:will on the 1608: 1600: 1596: 1589: 1587: 1572: 1563: 1548:Please help 1536: 1505: 1493: 1492: 1472: 1470:collateral. 1464: 1449: 1434: 1427: 1416: 1370:Participant 1353: 1343: 1341: 1322: 1312: 1303: 1290: 1286: 1277: 1273:secured loan 1270: 1265: 1262: 1233: 1224: 1214: 1207: 1200: 1193: 1181: 1169:Please help 1164:verification 1161: 1122: 1106:money market 1099: 1090: 1086: 1082: 1078: 1076: 928: 857:Money supply 842:Full-reserve 827:Central bank 687:Student loan 662: / 574:Transactions 470: 385:Time deposit 271:Participants 200:Asset growth 138: 123: 114: 104: 97: 90: 83: 71: 59:Please help 54:verification 51: 3241:30 December 3158:21 November 3079:; 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