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The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from Rob Toomey, managing director and associate general counsel, on the recommendations issued by the Task Force on Tri-Party Repo Infrastructure:
“We are supportive of the Task Force recommendations to improve the resiliency of the tri-party repo market. The tri-party repo market is large and important, as it represents a significant part of the overall U.S. repo market which contributes significantly to the liquidity and efficiency of the U.S. Treasury and agency securities markets. The recommendations issued today will clarify, through significant operational enhancements, the credit and liquidity risks borne by all market participants, improve contingency planning and boost transparency in this market. These are all essential steps towards ensuring the tri-party repo market functions well, especially in a crisis situation. SIFMA looks forward to working with our members to ensure timely implementation of these recommendations.”
