And those were the real repos, not including the phony repos used to hide debt.
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If Annaly couldn't replace maturing repos, it could be forced to liquidate assets.
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Repos increase bank interconnectedness, the thinking goes, because the same securities end up being used as collateral by multiple institutions.
The Federal Reserve and other authorities also are focusing on enhancing the resilience of the markets for triparty repurchase agreements (repos).
He has warned government-bond dealers that the Fed expects them to make a market in repos, just as they do on the underlying bonds.
Yet, dependence on repos carries a big, if rarely pondered, risk.
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The transactions in question, known as "window dressing, " involve repurchase agreements, or repos, a form of short-term borrowing that allows banks to take bigger trading risks.
We should also explore possible means of reducing this market's dependence on large amounts of intraday credit from the banks that facilitate the settlement of triparty repos.
We are encouraging firms to improve their management of liquidity risk and to reduce over time their reliance on triparty repos for overnight financing of less-liquid forms of collateral.
They gain followers and have their repos starred based on the quality of their code, number of pulls as well as the quality of the collaborative projects they choose to work on and the people they choose to work with.
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Purchases in combination with the deployment of EFSF funds and a newly retooled ESM transformed as a bank, using its equity for sovereign bond repos funded through the ECB will allow everyone to stay within their mandate and will create the firepower needed.
The agency is gathering information from 11 major banks about their activities involving repos, an accounting technique that Lehman used to move billions of assets off its balance sheet each quarter end, and which the examiner claims deliberately masked the true nature of its leverage.
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