A Primer on the GCF Repo® Service - Federal Reserve Bank of New York

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Economic Policy Review

A Primer on the GCF Repo® Service

December 2015 Volume 21, Number 2

JEL classification: E42, E58, G23, G28

Introduction
Adam Copeland

The Financial Plumbing of the GCF Repo® Service
Paul Agueci, Leyla Alkan, Adam Copeland, Kate Pingitore, Caroline Prugar, and Tyisha Rivas

An Empirical Analysis of the GCF Repo® Service
Adam Copeland, Isaac Davis, and Antoine Martin

Repurchase agreements, or repos, are commonly used by financial entities to access money markets. GCF Repo®, a financial service provided by the Fixed Income Clearing Corporation (FICC), is a particular type of repo in which trades are executed anonymously, with FICC acting as a central counterparty and guaranteeing settlement. In this primer, which consists of an introduction and two articles, the authors explore the effects on GCF Repo of ongoing reforms to the settlement procedures for another type of repo, tri-party repo. Key areas of focus are the impact of the reforms on the use of intraday credit to settle GCF Repo transactions and the strategies followed by dealers in trading GCF Repo—strategies that need to be taken into account when gauging the risks of potential changes to clearance and settlement procedures.

Available only in PDF
Introduction pdf

6 pages / 1,933kb
The Financial Plumbing of the GCF Repo® Service pdf

18 pages / 2,072kb
An Empirical Analysis of the GCF Repo® Service pdf

13 pages / 2,052kb

Author disclosure statement(s)
Press release

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