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The repurchase market and shadow banking: Resources

Financial statements

Use these resources to begin reporting on the repo industry.

By Mary Fricker

How do you make sense of the complicated nature of the repo industry? What are some basic resources reporters on this topic should start with? Use the list below to get started.

MULTIMEDIA

Check out these visual presentations.

* The Financial Times, “How the repo market works,” April 15, 2009.
* American Public Media, “The ‘Repo’ Market,” 2009.

BREAKING NEWS

Have repo news and information flowing into your in-box.

*Set up “repo,” “repurchase market,” “repurchase agreement” and “shadow banking” searches with Google and the Financial Times.
* Subscribe to Securities Finance Monitor and the Federal Reserve Bank of New York.

BACKGROUND

Reach out to me.

* Check out my web site, RepoWatch.org. Contact me: (707) 823-4411 or mfricker@sonic.net.

* Shadow banking primer: One important reason for reporters to understand the repurchase market is that it’s a simple portal into understanding shadow banking. The financial crisis of 2007-2008 happened mainly in shadow banking, not traditional banking, and all business reporters need to understand it. When you’re ready, check out “An overview of shadow banking for journalists” and Shadow Banking: Part 1.

MORE on COVERING
THE REPURCHASE MARKET
AND SHADOW BANKING

An introduction
Resources
Story ideas
Tips for localizing

INTERVIEWS

Talk to financial and credit market officers at the organizations on your beat.

* Don’t be deterred by blank stares. Sometimes even financial and credit officers don’t understand repos very well.

DATA

Here’s the best repo data

* Weekly Release of Primary Dealer Positions, Transactions, and Financing.

Click on Excel.
Click on sheet “pressrelc4.”
See “Repurchase Agreements” at the bottom.
These are totals for the Primary Dealers authorized to trade with the Federal Reserve. These dealers do at least half of the repo trading in the U.S., maybe much more, and they’re the best repo data we have.

* International Capital Markets Association – European repo.

SECURTIZATION

* Securitization is an organization that wants to get a repo loan must have securities to use as collateral. Often these securities are U.S. Treasuries, but often they’re securities backed by pools of consumer and business loans (like mortgages) through a process called securitization. Here’s a trade association that has information and data for securitization: Securities Industry and Financial Markets Association.

SECURITIES LENDING

* Securities lending are organizations that have securities can also make money by lending them. Securities lending is a close cousin to repo.

 

In 2014, Investigation, Investing | Banking.

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