Tri-Party Repo Infrastructure Reform Task Force
In the fall of 2009, to address the systemic risk that had become evident during the financial crisis, the Federal Reserve asked market participants to review and make recommendations regarding opportunities for improvement to the tri-party repo infrastructure.
The Task Force on Tri-Party Repo Infrastructure was formed and the final Report contains its findings and recommendations. The Report and the work underlying it have been developed through the joint effort of a large number of market participants, representing multiple types of financial institutions that participate in the tri-party repo market. The work of the Task Force was the subject of a workshop in February 2010 attended by representatives from more than 100 different organizations.
Federal Reserve and SEC staff attended Task Force meetings and provided clarification of relevant policy concerns and positions. However, it is important to make clear that the conclusions of the Task Force are its own. No endorsement of its conclusions has been sought or received from any regulatory authority. The Task Force is aware of and supports the Federal Reserve's simultaneous issuance of a White Paper that provides its perspective on the issues covered in the Task Force Report and requests public comment.
It is important to emphasize that the tri-party repo market and the markets for the underlying collateral are dynamic. Task Force members are committed to ongoing industry assessment of the issues addressed in this Report.