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Topic: Repos and Reverses

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	Repurchase agreement - Wikipedia, the free encyclopedia
		A Reverse Repo is the repo as seen from the point of view of the cash lender, since the cash lender does not repurchase, but rather has securities repurchased from (i.e.
		Of course, a repo is essentially collateralized borrowing; however, it is theoretically (and practically!) possible that the borrower of cash may fail to repurchase the securities sold at the promised date of repurchase (for instance, the borrower of cash may have defaulted by the repurchase time).
		Under a repurchase agreement ("RP" or "repo"), the Federal Reserve (Fed) buys government securities from a dealer who agrees to buy them back, typically within one to seven days; a reverse repo is the opposite.
	en.wikipedia.org /wiki/Repos_and_Reverses (679 words)

	The Repo/Reverse Market
		Various types of repos including overnight, term, and continuing contracts are examined and the difference between general and specific collateral are illustrated.
		The role of repos in financing bond dealer inventory and the role of reverses in obtaining securities to deliver on short sales are given special emphasis.
		Finally, the role of repo dealers and the problems that arise when the underlying collateral is "on special" are considered.
	www.mtaglobal.com /description.ihtml?user_CourseCode=FI0006 (143 words)

	Untitled
		If Party A does a reverse repo with Party B, then such a transaction is precisely the same as if Party B were doing a repo with Party A.
		Now that we know what a repo is let us return to our job at the commercial bank and explore the various way to provide additional cash reserves when it becomes apparent that our bank may need them.
		If system repos add reserves at the time they are undertaken, then they automatically drain those same reserves when the repo comes off -- that is, when the cash is returned to the party doing the repo and the securities collateral is returned.
	www.people.virginia.edu /~etb6d/repo.htm (3275 words)

	GSCC Important Notice
		Because brokered repos will initially be compared based upon dual submission by brokers and their dealer counterparties, the potential for uncompared transactions exists.
		Guarantees the settlement of the repo (i.e., for repo close legs, GSCC guarantees the return of collateral to the repo participant and the repayment of the loan plus interest to the reverse participant).
		That is, GSCC will accept transaction details from the repo and reverse dealers and compare the transactions directly, providing for automated netting and settlement of the close legs.
	www.ficc.com /gov/notices/GOV054.96.htm (2260 words)

	Bambooweb: Repos
		Repurchase Agreements, commonly known as Repos, are financial instruments used in the money markets.
		A Reverse is a repo seen from the point of view of the other party to the transaction.
		Coupons that are paid out on the securities during the life of the loan are transferred to the original owner of the security.
	www.bambooweb.com /articles/r/e/Repos.html (294 words)

	The Repo Market
		Repos are widely used for investing surplus funds short term, or for borrowing short term against collateral.
		Assuming a 5% repo rate, the interest due on the $20 million overnight loan would be $2,777.78, which is based on a 360-day year.
		It is sometimes advantageous to repo for a longer period, using a term repo to minimize transaction costs.
	wfhummel.cnchost.com /repos.html (960 words)

	FICC Important Notice: Pair Off Process for Forward Starting Generic Collateral Repo Trades
		FICC is pleased to inform you that at the request of certain members and as a result of the high repo substitution volume anticipated for
		By way of background, the current industry practice of allocating forward starting GC repos impacts the identification of replacement collateral in repo substitutions.
		· Repos and reverses with the same start date and end date are executed with the same broker.
	www.ficc.com /gov/notices/GOV167.04.htm?NS-query (494 words)

	MIMICS Repo/Reverse Repo Agreements Module (Site not responding. Last check: 2007-11-05)
		First, the repo is collateralized by market value while ensuring that the collateral is in deliverable segments.
		The system returns collateral and repos at their maturity date and manages the collateral accordingly.
		Of course you can have open repos or reverses that you close out as required.
	www.swcp.com /finsoft/repo.htm (692 words)

	Economic Review, Volume 87, Number 2 - Index
		Transactions involving repurchase agreements (known as repos and reverses) are important tools the Federal Reserve uses in implementing monetary policy.
		The discussion begins with a description of repos and reverses, the difference between on-the-run and older securities, and the ways dealers use repos to finance and hedge.
		The article then examines the difference between general and specific collateral, defines the repo spread and dividend, presents a framework for determining the equilibrium repo spread, and describes the average pattern of overnight repo spreads over the auction cycle.
	www.frbatlanta.org /invoke.cfm?objectid=C4D18018-53D0-11D6-A3930008C7720D25&method=display_body (1101 words)

	reverses - OneLook Dictionary Search
		We found 3 dictionaries with English definitions that include the word reverses:
		Tip: Click on the first link on a line below to go directly to a page where "reverses" is defined.
		noun: the gears by which the motion of a machine can be reversed
	www.onelook.com /?w=reverses (182 words)

	CONK! Encyclopedia: Money_market (Site not responding. Last check: 2007-11-05)
		The money market is a general term for the markets in which banks lend to and borrow from each other, trade financial instruments such as Certificates of Deposit (CDs) or enter agreements such as Repos and Reverses.
		The market normally trades in maturities up to one year.
		Short-term debt obligations of a national Treasury that are issued to mature in 3 to 12 months.
	www.conk.com /search/encyclopedia.cgi?q=Money_market (293 words)

	Inside Baseball Archive (Site not responding. Last check: 2007-11-05)
		A customer repo is typically an overnight addition of reserves to the banking system carried out for a "customer" of the Fed - these customers are foreign central banks.
		A system repo typically varies in duration from one to fourteen days and uses reserves from the Fed's system account.
		Draining operations are much more rare than reserve additions, as the demand for bank reserves - and thus the supply needed to keep interest rates stable - tends to rise over time in conjunction with growth in the economy.
	www.briefing.com /microsoft/glossary/ball1.htm (820 words)

	repos - OneLook Dictionary Search
		We found 6 dictionaries with English definitions that include the word repos:
		Tip: Click on the first link on a line below to go directly to a page where "repos" is defined.
		Phrases that include repos: overnight repos, repos and reverses, reverse repos, term repos
	www.onelook.com /?w=repos (98 words)

	American Banker Online - Banker's Glossary
		The amount by which the value of collateral exceeds the loan it secures.
		Commonly used with repurchase and reverse repurchase agreements informally called repos and reverses.
		An informal name for the portion of a security's price that is comprised of the numbers to the left of the decimal point, colon, or dash.
	www.thebankingnetwork.com /glossary.html?alpha=H (1425 words)

	Anvil Carry: Accurate Carry information for traders and trading management (Site not responding. Last check: 2007-11-05)
		Using a broad-brush approach to carry, such as charging a flat rate across all securities in a currency, inevitably leads to "funding gaps", where the actual costs of funding are not fully allocated.
		Additionally, a trader may take advantage of the funding rate by trading in securities that are expensive in the repo market to the benefit of his PandL but to the detriment of the firm as a whole.
		Anvil Carry enables trading management to quickly spot mismanagement of funding, such as "wrong direction" trades, and situations where funding repos and reverses exist against the same position.
	www.anvil.com /products/carry/index_html (454 words)

	Repo - Automobile
		AAA also helps you to save up to 7 percent on most auto parts and accessories for you vehicle when you show your card to a participating NAPA auto parts store in the United States or when you are shopping online at NAPAonline.com.
		Clean money repo men - political reform agency in Massachusetts has power to seize government-provided cars from corrupt politicians
		Transactions involving repurchase agreements (known as repos and reverses) are important tools the Federal Reserve uses in implementing monetary policy.(Continue Article)
	automobile.us.com /repo.html (440 words)

	The Global Institute of Finance and Banking TGIF
		It will present a study of the brokering and trading activities of banks and securities firms.
		In addition, it will provide detailed knowledge of how brokers and dealers function in financial markets, including the markets for Treasury bills, bank CDs, bankers acceptances, commercial paper, Fed funds, repos and reverses, Eurodollars, Treasury bonds, municipal bonds, corporate bonds, asset-backed securities, equities, stock indexes, futures, options and currency markets.
		The focus of this course will be on the business of brokering and trading; the activities of banks and securities firms in these markets and how they make profits from them.
	www.tgif.edu /ms2.html (695 words)

	Some Remarks on the Turkish Economy (Site not responding. Last check: 2007-11-05)
		The basic features of this program are the controlling of the growth rate of reserve money and the close monitoring the foreign exchange rate.
		In the current monetary policy implementation, daily operations of the Central Bank of Turkey have widely used two instruments, namely buying and selling of foreign exchange and open market operations (repos and reverses).
		These two instruments are used to cope with two systematic constraints which are beyond the control of the Central Bank.
	www.tcmb.gov.tr /yeni/evds/konusma/ing/1997/sep29.html (1912 words)

	UCLA Extension Self-Study Courses
		This module focuses on money market instruments, which are short term, low risk and liquid debt securities, also known as cash equivalents.
		Particularly, it introduces the key features of various securities including Treasury bills, Certificates of Deposit (CDs), Bankers’ Acceptances, Brokers’ calls, Commercial Paper, Repos and Reverses, Federal Funds, Eurodollars, and LIBOR.
		This module studies the market for long-term fixed income securities, including Treasury Notes and Bonds, corporate bonds, federal agency debts including mortgage securities, and municipal bonds.
	unex.gwpartners.com /index.php?category=6 (677 words)

	Background Information
		A comprehensive study of goals, institutions, and theories of monetary economics by a college professor.
		Tutorial and repurchase and reverse repurchase agreements by Stephen Lumpkin.
		Clearing and Settling in the Money Market - FRB Richmond
	wfhummel.cnchost.com /linksbackgroundinfo.html (437 words)

	EconPapers: Special repo rates: an introduction (Site not responding. Last check: 2007-11-05)
		Abstract: Transactions involving repurchase agreements (known as repos and reverses) are important tools the Federal Reserve uses in implementing monetary policy.
		; The discussion begins with a description of repos and reverses, the difference between on-the-run and older securities, and the ways dealers use repos to finance and hedge.
		Keywords: Repurchase agreements; Government securities (search for similar items in EconPapers)
	econpapers.repec.org /article/fipfedaer/y_3A2002_3Ai_3Aq2_3Ap_3A27-43_3An_3A2.htm (291 words)

	IFF - School Of Bonds & Fixed Income Training Course
		Learn how futures, options and swaps can be used as hedging and trading technique in the bond market
		Get to grips with repos and reverses and learn how to price them
		Learn how to use strips to exploit arbitrage opportunities
	www.iff-training.com /courses/c_det_11_sobfi.asp (384 words)

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