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

  • 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.
To strengthen the resiliency of the tri-party repo infrastructure in stressed market conditions, the Federal Reserve looks to market participants to reduce reliance on intraday credit, make risk management practices more robust to a broad range of events, and take steps to reduce the risk that a dealer's default could prompt destabilizing fire sales of its collateral by its lenders.
Statistical Data
March tri-party repo
March FICC GCF repo
Daily average collateral value and margin trends in the tri-party repo market
Explanatory notes
All historical data »
News and Announcements
Update on Tri-Party Repo Infrastructure Reform
February 13, 2014

"Fire Sales" as a Driver of Systemic Risk in Tri-Party Repo and Other Secured Funding Markets
October 4, 2013

Recent Developments in Tri-Party Repo Reform
December 20, 2012

Update on Tri-Party Repo Infrastructure Reform
July 18, 2012

Statement on the Release of the Tri-party Repo Infrastructure Reform Task Force's Final Report
February 15, 2012

New York Fed Releases White Paper on Tri-Party Repurchase Agreement (Repo) Reform
May 17, 2010
Speeches
President Dudley: Introductory Remarks at Workshop on "Fire Sales" as a Driver of Systemic Risk in Tri-Party Repo and Other Secured Funding Markets
October 4, 2013

President Dudley: Fixing Wholesale Funding to Build a More Stable Financial System
February 1, 2013

Matthew Eichner: Testimony on Tri-Party Repo Market
August 2, 2012

Governor Tarullo: Shadow Banking after the Financial Crisis
June 12, 2012

Governor Tarullo: Regulatory Reform since the Financial Crisis
May 2, 2012

Chairman Bernanke: Fostering Financial Stability
April 9, 2012
Liberty Street Economics Blog
Mapping and Sizing the U.S. Repo Market
June 25, 2012

Stabilizing the Tri-Party Repo Market by Eliminating the "Unwind"
June 20, 2011

Remaining Risks in the Tri-Party Repo Market
November 7, 2011
Related New York Fed Content
Related External Content
Related Reports
Contacts
Services for Financial Institutions
Business Development Office
East Rutherford Operations Center
salesspecialists@kc.frb.org
(800) 257-6701
Choose from a detailed list of contacts for Account Services, Automated Clearing House (FedACH), Fedwire, Saving Bond Service and more.
Financial Services Contacts offsite
CBIAS
Timothy Fogarty
Business Relations
timothy.fogarty@ny.frb.org
(212) 720-1708
General
Central Bank and International Account Services (CBIAS) Markets Group
account.relations@ny.frb.org
(212) 720-5679
Chronology of Key Events
2008
In 2008, weaknesses in the tri-party repo market surfaced.
2009
In 2009, the Tri-Party Repo Infrastructure Reform Task Force, comprised of diverse range of market participants, was established.
2010
2012
February 2012, the New York Fed announced that the Federal Reserve would intensify supervisory oversight of key tri-party market participants' efforts to implement Task Force recommendations in timely fashion.