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SIFMA’s Statement on Repo Infrastructure Reform Task Force Progress Report

Release Date: December 22, 2009
Contact: Jason Farago, (212) 313-1230, jfarago@sifma.org 

SIFMA's Statement on Repo Infrastructure Reform Task Force Progress Report 

New York, NY, December 22, 2009-The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from SIFMA Managing Director, Rates Division, Robert Toomey in response to the Payments Risk Committee's (PRC) progress report on the work of the Tri-party repurchase Agreement (Repo) Infrastructure Reform Task Force.

"The Task Force has made significant progress in identifying areas for risk mitigation in the infrastructure of the tri-party repo market," Toomey said. "SIFMA will continue to work with the Task Force and with our broader membership to review and implement the recommendations as they develop further."

The progress report summarizes the Task Force's progress to date, including draft recommendations and proposals under consideration, including:

  • Implement multiple operational improvements,
  • Strengthen collateral margining practices,
  • Enhance liquidity risk management practices,
  • Identify sound practices for contingency planning by tri-party repo cash investors for a possible dealer default,
  • Improve the transparency of the tri-party repo market.

For the complete report, visit http://www.newyorkfed.org/prc/ 

 

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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to develop policies and practices which strengthen financial markets and which encourage capital availability, job creation and economic growth while building trust and confidence in the financial industry. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.

 


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