Fed gets BNY Mellon to hasten upgrade of triparty repo market

09/25/2012 | Bloomberg

The Bank of New York Mellon has pledged to update its system for the $1.8 trillion triparty repo market, of which it handles 80%, by 2014. It said at first that improvements would not be in place until 2016, but the Federal Reserve, which sees the bond-lending market as a systemic risk, urged the bank to move up the date. The move promises to lessen the likelihood of panic.

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