Reuters: Regulatory News: NY Fed unveils reforms to stabilize repo market

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NY Fed unveils reforms to stabilize repo market Jul 18th 2012, 18:30 NEW YORK, July 18 | Wed Jul 18, 2012 2:30pm EDT NEW YORK, July 18 (Reuters) - The main U.S. regulator of the repurchase agreement market unveiled reforms on Wednesday that would force broker-dealers to temper their reliance on intraday credit, in an expected effort to reduce instability and protect against a market shock. The Federal Reserve Bank of New York said it will expect participants in the repo market to give more timely and accurate trade confirmations, and to upgrade to more resilient technologies and policies, among other new rules. Repos are a prime source of bank funding and are backed by assets such as Treasuries.

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