预览加载中，请您耐心等待几秒...
1/10
2/10
3/10
4/10
5/10
6/10
7/10
8/10
9/10
10/10
在线预览结束，喜欢就下载吧，查找使用更方便
如果您无法下载资料，请参考说明：
1、部分资料下载需要金币，请确保您的账户上有足够的金币
2、已购买过的文档，再次下载不重复扣费
3、资料包下载后请先用软件解压，在使用对应软件打开
RepoEmergesfromthe“Shadow”MacroCreditResearchFebruary3,2012AnalystsWhyRepoMatters:Repomarkets,onceviewedasarelativelymundaneutilitywithinthefinancialsystemarchitecture,arethesubjectofgrowingpublicinterestin“shadow”banking.ReposhaveprovidedaMacroCreditResearchpolicymechanismforcentralbankstosupportmarketliquidity;haveplayedaroleinilliquidity-drivenRobertGrossman+1212908-0535assetvaluedeteriorationduringperiodsofmarketstress,particularlyforstructuredfinance;andwererobert.grossman@fitchratings.comcentraltoseveralhigh-profileincidencesoffinancialinstitutiondistressand,insomecases,failure.AMartinHansenrecentriseinreposbackedbydistressedstructuredfinancecollateral(see“TopRepoCollateral”text+1212908-9190box)isapotentialriskfactorforthismarketanditsparticipants.martin.hansen@fitchratings.comStudyofU.S.TripartyMarket:Despitethesystemicimportanceofrepomarkets,granularinformationKevinD’Albertabouthaircut,collateral,andcounterpartytrendsisrelativelyscarce.Tohelpfillthatgap,thisstudy+1212908-0823kevin.d’albert@fitchratings.comanalyzestransaction-leveltrendsforU.S.primemoneymarketfund(MMF)anddealeractivitesintheU.S.tripartyrepomarketsincethesecondhalfof2006.The$1.6trillionU.S.tripartyrepomarketFundandAssetManagerGroupenablesfinancialinstitutions(repoborrowers)tofundtheirsecuritiesholdingsandU.S.moneymarketViktoriaBaklanova+1212908-9162funds(repolenders)toinvestonashort-termsecuredbasis.ThetripartyrepomarketisU.S.-centricviktoria.baklanova@fitchratings.combutgloballyimportant,giventheparticipationbylargeinternationalbanks(includingseveralEuropeaninstitutions)andthebroadswathofassetsfinancedinthismarket.ThisstudycouldhelptoinformRelatedResearchfurtheranalysisandbenchmarkingofcollateral,haircut,andcounterpartyrisk-managementpracticesacrossothermajorrepomarkets(e.g.U.S.andEuropeanbilateral)andfacilities(e.g.centralbank).•U.S.MoneyFundsandEuropeanBanks:EuroZoneDiverging,Jan.26,2012CreditMarketImplications:Disruptionsinrepomarketscouldnegativelyaffectfinanci
