All derivatives transactions would be taxed except repos, reverse repos and the transactions of public debt managers, the text said.
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The regional central bank, which conducts repos and other open market operations for the Fed system, set the aggregate operation limit on overnight repos for Friday at $100 billion and on 14-day repos at $60 billion.
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The PBOC also said that it skipped reverse repos on Friday, for the 36th straight trading day, with no repos maturing.
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The central bank also said in the same statement that it skipped reverse repos on Thursday, for the 30th straight trading day, with no repos maturing.
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The PBOC said in the same statement that it had skipped reverse repos on Friday, with 20 billion yuan of 7-day reverse repos are due to expire.
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NAIROBI, April 11 (Reuters) - Kenya's central bank offered banks 10 billion shillings ($99 million) in 28-days reverse repos, moving away from its usual seven-day reverse repos.
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In the same statement, the central bank said it had skipped reverse repos on Wednesday, while 240 billion yuan worth of reverse repos are due to mature on the same day.
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Friday's amount was lower than the $89.154 repos awarded on Thursday.
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In the case of repos, the collateral is a Treasury bond.
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The PBOC on Wednesday injected 90 billion yuan ($13.55 billion) into money markets through seven-day reverse bond repurchase agreements (repos) and an additional 50 billion yuan through 14-day reverse repos on Wednesday, traders said.
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The People's Bank of China is injecting 30 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan via 14-day reverse repos and 20 billion yuan through 28-day reverse repos, they said.
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The People's Bank of China is injecting 40 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan via 14-day reverse repos and 20 billion yuan through 28-day reverse repos, they said.
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Wednesday's amount was higher than the $35 billion repos awarded on Tuesday.
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This was the highest amount of reverse repos in almost six months.
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That exemption does not, however, explicitly include repos or securities lending transactions.
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That's because the app is currently locked to managing Assembla repos only.
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Twenty billion yuan of reverse repos were due to mature on Tuesday.
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There are even GitHub repos to do the software work for you.
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The Fed sets a lower "floor" rate on these so-called repos.
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Monday's amount was slightly lower than the $68.34 repos accepted on Friday.
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The People's Bank of China is injecting 2.603 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan through 14-day reverse repos, and an additional 10 billion yuan through 28-day reverse repos, they said.
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At the moment, the RBI removes funds through various facilities, including mandating banks to park excess certain types of cash and deposits with the central bank as well as through repos and reverse repos based on market rates.
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Repos are a major source of short-term funding for global financial systems.
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Tuesday's amount was lower than the $58.15 billion overnight repos awarded on Monday.
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Friday's amount was lower than the $80.14 billion in repos awarded on Thursday.
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Wednesday's amount was lower than the $71.04 billion in repos awarded on Tuesday.
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The amount was less than the $73.59 billion in repos awarded on Thursday.
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The amount was less than the $77.09 billion in repos awarded on Wednesday.
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Tuesday's amount was higher than the $70.64 billion in repos awarded on Friday.
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Wednesday's amount was higher than the $76.94 billion in repos awarded on Tuesday.
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Thursday's amount was higher than the $62.54 billion in repos awarded on Wednesday.
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These liabilities were not traditional bank deposits but rather repurchase agreements, called repos.
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At end-September 0003 inter-fund repos represented 16.5% of the fund's assets.
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Monday's amount was slightly bigger than the $56.65 billion overnight repos awarded on Friday.
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Tuesday's amount was slightly lower than the $77.58 billion in repos awarded on Monday.
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Monday's amount was slightly higher than the $73.13 billion in repos awarded on Friday.
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Previously the Fed had said it would conduct the increased repos through this week.
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Existing weekly repos for one-week dollar funds will continue unchanged, the BoE said.
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In open market operations, it injected 150 billion yuan via 14-day reverse repos.
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In open market operations, it injected 13 billion yuan via 14-day reverse repos.
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Elsewhere on Wednesday, China's central bank chose to inject 90 billion yuan ($13.55 billion) into the money markets through seven-day reverse bond repurchase agreements (repos) and an extra 50 billion yuan through 14-day reverse repos, traders said according to Reuters.
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The PBOC said in the same statement that it skipped reverse repos on Tuesday morning.
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The PBOC said in the same statement that it skipped reverse repos on Monday morning.
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In Thursday's statement, the PBOC said it was skipping reverse repos in open market operations.
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Last week, academics found more than 100,000 public repos storing cryptographic keys and other secrets.
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In the same statement, the central bank said it had skipped reverse repos on Friday.
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The Fed's reverse repos are seen as a safe haven during times of market turbulence.
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The reverse repos awarded on Wednesday were the fewest in the Fed's daily operation since Dec.
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On September 17, the rate on overnight repurchase agreements, or repos, soared as high as 10%.
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Maturing reverse repos will drain a net 380 billion yuan from the banking system this week.
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Rival BrokerTec is moving trade in euro-denominated repos and government bonds to Amsterdam by February.
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This process will take place gradually...we expect to continue offering repos at least through April.
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The volume-weighted average rate for overnight repos eased to a 10-year low of 0.9107%.
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Reverse repos are one of its most commonly used tools to control liquidity in the financial system.
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The central bank raised interest rates on its reverse repurchase agreements (repos) and the SLF on Feb.
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He added that both 7-day and 14-day reverse repos provide ample liquidity for the market.
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Reverse repos inject liquidity on issuance and drain it on maturity Follow CNBC International on and Facebook.
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The rates on the 7-day and 14-day reverse repos remained unchanged, according to the statement.
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The central bank raised interest rates on its repos and the standing lending facility (SLF) on Feb.
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Reverse repos are one of its most commonly used tools to control liquidity in the financial system.
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The surprising part is the balance needs to be bigger than it is to handle overnight repos.
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CHINA CBANK LOWERS INTEREST RATE ON 14-DAY REVERSE REPOS, KEEPS RATE ON 7-DAY UNCHANGED - STATEMENT
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"Le Repos" finally sold this spring for $36.92 million at the Sotheby's auction house in New York.
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The bank is funded mainly by customer accounts, which made up 80% of funding net of direct repos.
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This was the most reverse repos the Fed awarded since $116.84 billion to 49 bidders on Jan. 7.
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Maturing reverse repos will drain a net 10 billion yuan ($1.46 billion) from the market for the day.
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Central bank rules limit the size of the repos to 2 percent of each bank's private sector deposits.
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This was the most reverse repos the Fed awarded since $102.63 billion to 47 bidders on May 31.
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Picasso's "Le Repos," an image of his lover and "golden muse," Marie-Therese Walter, sold for $40 million.
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In the same statement, the People's Bank of China (PBOC) said it skipped reverse repos on Wednesday morning.
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Repos are when banks submit high-quality collateral, such as Treasurys, in exchange for reserves from the Fed.
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Repos require global banks to make payments between their U.S. and overseas entities to help manage their risk.
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Though the daily notional volume of repos is massive, the margins on such transactions are typically very small.
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Bilateral repos cut out the middle man of a clearing bank for valuing collateral and managing the contract.
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They (the Fed) didn't really indicate further rate cuts would come, and then they do the overnight repos.
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In the same statement, the PBOC said it skipped reverse repos in open market operations on the same day.
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This app allows Assembla users to easily manage their Git, Subversion and Perforce repos from their iPhones and iPads.
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KF receives about 60% of its funding from other sources, including covered bonds, repos and European Central Bank tenders.
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Also generally available are Enterprise accounts, while new features like internal repos and organizational insights are now in beta.
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The central bank raised the interest rate on open market operation reverse repurchase agreements (repos) by 10 basis points.
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Prior to that, the PBOC had generously injected a net 330 billion yuan into the market through reverse repos.
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Do you have private GitHub repos, or public ones with a nontrivial number of stars / forks / issues / wiki pages?
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However, 14-day repos were oversubscribed with the NY Fed accepting $45 billion out of $93 billion in bids.
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The PBOC also extended 100 billion yuan of 14-day reverse repos with the interest rate unchanged at 2.65%.
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The fund may use overnight or weekly callable, inter-fund repos with other funds managed by Upline Capital Management.
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And please, if you work with code or data repositories, stop checking your passwords and API keys into your repos.
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Banks point to a third problem: unlike LIBOR, SOFR, being based on Treasury repos, does not reflect their funding costs.
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The U.S. central bank allotted $96.97 billion of reverse repos paying an interest rate of 1.75 percent to 51 bidders.
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At that time, MUAH's liquidity profile's use of short-term debt will increase given MUS's use of short-term repos.
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The fund may use overnight or weekly callable overnight inter-fund repos with other funds managed by CDG Capital Gestion.
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The Fed is constantly doing those overnight repos, it is part of what they do to help fund the system.
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Repos are short-term loans mainly used by banks and hedge funds in their daily bond trading and brokerage businesses.
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Separately, the PBOC also extended 100 billion yuan of 14-day reverse repos with the interest rate unchanged at 2.65%.
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The New York Fed announced a total of 10 longer-term operations in the market for repurchase agreements, or repos.
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The day's amount was the highest since July 5 when the Fed awarded $111.24 billion in reverse repos to 47 bidders.
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In the same statement, the PBOC said it also injected 160 billion yuan through seven-day reverse repos into the market.
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With no reverse repos maturing, the central bank has drained a net 6.5 billion via open market operations on the day.
|
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The Fed awarded $320.89 billion in reverse repos on Monday, down from $412.52 billion on Friday and the most since December.
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Borrowers could still pledge their corporate bonds on the exchange for repos but lenders in the interbank markets had turned picky.
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In the same statement on Tuesday, the central bank said it had skipped reverse repos for the 15th straight trading day.
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Repos require global banks to make trades and payments between their U.S. and overseas entities to help manage their risk exposure.
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This would make repos uneconomical because the tax on the payments would be higher than the total profit on the deal.
|
|
In the same statement, the central bank said it had skipped reverse repos for the 15th straight trading day on Tuesday.
|
|
A day after we alerted Asus to the researcher's email, the repos containing the credentials were pulled offline and wiped clean.
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Every day more than $1trn is borrowed and lent by financial firms through repos, which involve posting Treasury securities as collateral.
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|
The bank is mainly funded by customer accounts, which made up 79% of funding net of direct repos at end-1Q17.
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The so-called repos are a 3 trillion-euro ($3.35 trillion) market and a key source of funding for investment funds.
|
|
The PBOC injected a net 70 billion yuan via reverse repos in open market operations on Thursday, according to the statement.
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This was the highest amount since March 31, when the central bank awarded $303.85 billion in reverse repos to 99 bidders.
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Banks fund themselves on a short-term basis via demand deposits, but also on money markets, such as that for repos.
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|
The People's Bank of China (PBOC) injected a total of 1.7 trillion yuan ($22 billion) via reverse repos on Monday and Tuesday.
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LCH's Paris arm houses credit default swap clearinghouse CDSClear and provides clearing services across cash equities, derivatives, fixed income and triparty repos.
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Some 160 billion yuan in reverse repos were also set to expire on Tuesday, according to Reuters calculations based on official data.
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In addition, the Fed will continue to offer at least $175 billion in overnight repos and $45 billion in two-week operations.
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Repos are short-term operations in which financial institutions provide high-quality collateral in exchange for cash reserves they use to operate.
|
|
It expanded the tenure of repos to 12 months and pledged to carry out auctions on a daily basis starting on Friday.
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FOR ANYONE who lived through the global financial crisis, trouble in the market for repurchase agreements, or repos, induces a cold sweat.
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On Tuesday, the Fed allotted $44.37 billion in one-day reverse repos to 30 bidders, also at an interest rate of 0.25 percent.
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The RBI also said it would allow standalone primary dealers to borrow via term repos, but only for the second half of March.
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Wednesday's amount was larger than the $67.6 billion in overnight repos the regional central bank awarded on Tuesday, the NY Fed website showed.
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Wednesday's amount was bigger than the $67.6 billion in overnight repos the regional central bank awarded on Tuesday, the NY Fed website showed.
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The House bill is putting all its bets on this mechanism of fully paying off derivatives and repos in a 48-hour bankruptcy.
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Fitch estimates that the government has sufficient buffers (cash, repos and possible arrears build up) to last into May without further ESM disbursement.
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Regular repo operations are for very short duration, but term repos run longer — often around three months but occasionally up to a year.
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That is especially true for repos with firms from abroad, which include U.S. branches of foreign banks and Cayman Islands-registered hedge funds.
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Since then, the Fed has added liquidity through repos and Treasury bill purchases, which has been a catalyst for strong risk asset performance.
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He also said the PBOC's use of cash management tools such as repos and medium term loans did not construe changes in monetary policy.
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With 100 billion yuan worth of 14-day reverse repos maturing on Tuesday, the PBOC will inject a net 400 billion on the day.
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Thursday's amount was slightly smaller than the $75 billion in overnight repos the regional central bank awarded on Wednesday, the NY Fed website showed.
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On Monday the central bank made several tweaks to lira liquidity, chiefly halting funding through one-week repos at 24.0 percent, its policy rate.
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The bank supplements its deposits with wholesale funding from correspondent banks and multilateral entities, structured and syndicated loans, bonds, repos and a perpetual issuance.
|
|
On Tuesday, the central bank injected 320 billion yuan ($49.69 billion) into money markets through 7-day, 14-day and 63-day reverse repos.
|
|
At end-September 2016, the portfolio was 0003%-invested in government bills and bonds, 12% in certificates of deposit and 45% via overnight repos.
|
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The inclusion of the broker-dealer also impacts the consolidated funding profile with a much higher proportion of short-term repos than peer banks.
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Monday's amount was larger than the $38.55 billion in overnight repos the regional central bank awarded on Friday, the New York Fed website showed.
|
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The volume of more expensive 14-day repos rose to a record high of 2.9 trillion yuan, triple the 848 billion yuan volume in August.
|
|
Among the items Sue took was a 1932 Pablo Picasso painting, worth $36.9 million, titled "Le Repos" — the result of splitting assets upon the divorce.
|
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This was the smallest amount of reverse repos awarded since the $58.61 billion to 24 bidders on June 17, according to New York Fed data.
|
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Since 2015, foreign institutions have been allowed to conduct bond repos in the mainland interbank market but they can only use onshore bonds as collateral.
|
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Volume of 14-day repos traded on the Shanghai Stock Exchange leapt to an all-time high of 208.9 billion yuan ($30.47 billion) on Monday.
|
|
This was the smallest amount of reverse repos awarded since the $67.76 billion to 30 bidders on June 20, according to New York Fed data.
|
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The central bank has skipped open market operations so far this week, with maturing reverse repos draining 297.764 billion yuan ($20.0 billion) from money market.
|
|
Analysts said the central bank used repos to increase the liquidity of the interbank bank money market in Switzerland after cash availability tightened in November.
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New York Times: Some market participants have said the Fed was too slow to intervene amid the recent disruption in overnight repurchase agreements, or repos.
|
|
Repos secured by two-year Treasuries were traded "special" on Monday with their interest rate last quoted at minus 3.00 percent to minus 3.50 percent.
|
|
The People's Bank of China (PBOC) raised the interest rate on open market operation reverse repurchase agreements (repos) by 10 basis points, effective on Feb. 3.
|
|
Vice-governor Liu Guoqiang also said the central bank's use of reverse repos or a medium-term lending facility (MLF) did not signal a loosening bias.
|
|
China injected 1.7 trillion yuan ($242.74 billion) via reverse repos on Monday and Tuesday, helping Chinese stocks recover some losses and lifting the world equity index .
|
|
The source, who declined to be identified, said the PBOC was expected to inject funds via two-month reverse repos on Friday for the first time.
|
|
For the day, the central bank will neither drain nor inject any funds into the market as there are no maturing reverse repos due on Tuesday.
|
|
Traders also suspect cash injections this time will primarily be through medium term loans to banks, rather than cheaper open market operations such as reverse repos.
|
|
It would also help to reduce risk compared with exchange-traded repos, which expose the stock exchange to default risk as the central counterparty, he said.
|
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The central bank usually conducts MLF operations when there is a maturity coming due, but there are no such loans or reverse repos maturing on Friday.
|
|
Liquidity Profile The fund maintains a high allocation to liquid assets, with typically more than one quarter of the portfolio in overnight (or callable overnight) repos.
|
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Reuters reported this month that bank lobbyists were pushing for repos to be explicitly included in a broader exemption that covers a range of derivative transactions.
|
|
Reverse repos and MLFs are widely considered to be the PBOC's main tools in flexibly managing short-term and longer-term liquidity in the banking system.
|
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Reverse repos and MLFs are widely considered to be the PBOC's main tools in flexibly managing short-term and longer-term liquidity in the banking system.
|
|
The bank also makes extensive use of wholesale funding (35% of total end-June 2016 funding) mostly in the form of repos, covered bonds and ECB funding.
|
|
The People's Bank of China surprised markets by hiking short-term interest rates, also known as reverse repurchase agreements (repos), by ten basis points to 2.35 percent.
|
|
The U.S. central bank awarded $303.85 billion of its fixed-rate reverse repos to bidders, the most since the last day of the final quarter of 2015.
|
|
The rest is largely secured in the form of covered bonds, ECB's TLTRO or repos, which are used to fund a large stock of legacy debt securities.
|
|
With 20 billion yuan worth of reverse repos maturing on Tuesday, the central bank injected a net 24 billion yuan via open market operations on the day.
|
|
The rules order financial institutions to report financial data to regulators if their outstanding repurchase agreements, known as repos, and reverse repo volumes exceed a certain limit.
|
|
On Friday, investors trimmed their holdings of the Fed's fixed-rate reverse repos, which have been used as a safe-haven asset in times of market turbulence.
|
|
Since then, officials have been pumping cash into the market for short-term loans between banks, called repurchase agreements or "repos," to keep the market functioning smoothly.
|
|
"I have never seen such huge amounts of reverse repos ... the central bank is making its attitude known," said a trader at a brokerage house in Shanghai.
|
|
CBM has credit exposure to its new institutional shareholders through the loan book, reverse repos, bonds and interbank placements equal to RUB443bn (51% of FCC) at end-1Q16.
|
|
"In the future, adding bilateral repos to an alternative rate would make its coverage more comprehensive," OFR Director Richard Berner wrote in a blog post published on Thursday.
|
|
China's central bank has injected 1.7 trillion yuan through reverse repos into its market this week, amid the fast-spreading epidemic that has killed more than 420 people.
|
|
With 60 billion yuan ($8.73 billion) worth of reverse repos maturing on Thursday, the PBOC drained the same amount of funds from the money market for the day.
|
|
Exchange data showed volumes of 14-day repos traded on the Shanghai Stock Exchange leapt to an all-time high of 208.9 billion yuan ($13 billion) on Monday.
|
|
On the contrary, said Liu, if the central bank has not conducted reverse repos for a few days, it does not mean monetary policy is about to tighten.
|
|
The outstanding balance of reverse repos in the open market operations has fallen to 70 billion yuan as of Tuesday, according to Reuters calculations based on official data.
|
|
This amount was the smallest of reverse repos since June 16, when the U.S. central bank awarded $35.10 billion to 29 bidders, according to New York Fed data.
|
|
Conducted through open-market operations — daily, in the case of China — repos are a common money market instrument used for short-term funding between banks around the world.
|
|
The PBOC increased rates on reverse repurchase agreements, or reverse repos, used for open market operations by 5 basis points for the 7-day and 28-day tenors.
|
|
That is why they have resorted to using reverse repos and paying interest on reserves in effect to pay commercial banks not to make loans to their customers.
|
|
The new rules order financial institutions to report financial data to regulators if their outstanding repurchase agreements, known as repos, and reverse repo volumes exceed a certain limit.
|
|
Hedging instruments such as bond futures and repos are open only to some foreign investors, said ASIFMA, which has also called for wider liberalization of the derivatives market.
|
|
Euro bonds and repos play a regional role in directly "transmitting" central bank monetary policy, while interest rate swaps are a global market and do not, Maguire said.
|
|
Those permanent moves will be necessary because the current temporary purchases likely won't be enough to stabilize the market for overnight purchase agreements, or repos, the bank said.
|
|
Ubuntu, the distribution of Linux that the server we're making runs, uses software repositories (aka "repos") to easily update software, much like an App Store, minus the store part.
|
|
Both funds pursue their investment objectives by investing in high-quality short-term debt securities, including Thai government debt securities, time deposits, bills of exchanges, promissory notes, and repos.
|
|
Conventional repos allow institutions to lend out assets for short periods to generate liquidity, but this is frowned on by some Islamic scholars who argue it involves charging interest.
|
|
Repos, in which short-term loans are offered in return for collateral such as government or corporate bonds, are used by banks and companies to manage their cash balances.
|
|
Tri-party dollar repos totaled about $1.7 trillion, making up the bulk of this $2.2 trillion funding sector, according to data form the Securities Industry and Financial Markets Association.
|
|
The People's Bank of China (PBOC) will pump 380 billion yuan via 7-day reverse repos into the banking system, and another 120 billion yuan via 14-day tenor.
|
|
The People's Bank of China (PBOC) is injecting 80 billion yuan through seven-day reverse bond repurchase agreements and 70 billion yuan through 28-day reverse repos, they said.
|
|
Tuesday's moves came after the central bank conducted 28-day reverse repos in the interbank market for the first time since February, and lowered its 28-day guidance rate.
|
|
The publication of these rates, based on overnight repos backed by Treasury securities, is scheduled for initial publication by late 2017 or early 2018, it said in a statement.
|
|
ZURICH, June 13 (Reuters) - The Swiss National Bank has amended its guidelines on monetary policy instruments and updated criteria for collateral eligible for SNB repos, it said on Thursday.
|
|
Even as it raised borrowing costs, China's central bank moved to reassure markets about liquidity by injecting funds through the 7-day, 14-day and 28-day repos on Friday.
|
|
Repository access is not fine-grained, repos are very easily copied and/or their copies misplaced, and once you've checked in credentials they can be annoyingly tricky to truly delete.
|
|
The PBOC injected a net 297.631 billion yuan ($20.1 billion) through reverse repos in open market operations this week, the biggest weekly net cash injection in more than nine months.
|
|
The surging interest rates for one-day bond repurchase agreements, or repos, at the exchanges mirror a similar but more modest trend in China's interbank market over the past week.
|
|
The scramble for Treasuries has became acute this week as interest rate on repos backed by 10-year Treasuries hit the 3 percent penalty rate for "fails" on Treasury trades.
|
|
The central bank said last week it would continue to inject cash into overnight lending markets until January by offering daily operations in the market for repurchase agreements, or repos.
|
|
A second trader at a Chinese bank noted that the central bank used to drain money from cash-flush system through window guidance or by selling institutions with bond repos.
|
|
Institutional investors such as insurers often have large amounts of low-yielding cash on their balance sheets, which they could put to work by lending it out as repos, Marcus said.
|
|
And while the payments to Treasury are expected to drop off, the paper notes that increasing repos while decreasing payments on excess reserves would "save taxpayers billions of dollars a year."
|
|
Reverse repos are the main conduit through which the PBOC manages money market liquidity and interest rates, and it generally does so via 7-day, 14-day and 28-day operations.
|
|
Bank lobbyists hope the current House-Senate negotiations will offer another opportunity for them to push lawmakers for an explicit exemption for repos and securities lending deals, the industry sources said.
|
|
The People's Bank of China (PBOC) is injecting 15 billion yuan through seven-day reverse bond repurchase agreements and 20 billion yuan through 28-day reverse repos, according to the traders.
|
|
The PBOC has conducted seven-day reverse repos in the past two weeks, injecting 230 billion yuan ($34.93 billion) on a net basis into the money markets so far in 2016.
|
|
With this, GitHub now also offers its business and enterprise users a new unified search feature that lets them tap into their internal repos but also look at open-source ones.
|
|
But the mood was dour in Asia's biggest economy where the People's Bank of China increased rates on reverse repurchase agreements, or reverse repos, triggering concerns about tight year-end liquidity.
|
|
Within the past week, for example, a liquidity crunch slammed the vital market for overnight repurchase agreements, or repos, in a manner that was last seen during the 2008 financial crisis.
|
|
Many times, though, Ubuntu will not be as fast at the Tor Project at having new software updates ready, so it's better to use the Tor Project's repos rather than Ubuntu's.
|
|
"Fiscal expenditure were increasing towards the month-end to counter maturing reverse repos, liquidity in the banking system was staying at relatively high level," the PBOC said in an online statement.
|
|
Last week Bank of Uganda (BoU) removed more than 500 billion shillings ($148.37 million) in excess liquidity from the interbank market via two repos which are due to mature this week.
|
|
The PBOC later said it was keeping the rate for seven-day reverse repos at 2.45 percent, the 14-day tenor at 2.60 percent and the 28-day tenor at 02303 percent.
|
|
By doing so, it has taken away the key ingredient for repurchase agreements, or repos, whereby financial firms lend to each other against collateral, typically high-rated government bonds such as Germany's.
|
|
Earlier this week, the PBOC re-introduced the 14-day reverse repos for the first time since February, which prompted renewed concerns about the availability of sufficient cash in the money market.
|
|
On a net basis, the central bank will drain 25 billion yuan from the market for the day, as 60 billion yuan worth of reverse repos are set to expire on Wednesday.
|
|
Regulators tightened rules in response to the crisis but they hurt liquidity and raised the cost of using repos, the Office of Financial Research said in a research note published on Thursday.
|
|
On Tuesday, the central bank allotted $237.33 billion in one-day reverse repos to 57 money market funds, mortgage finance agencies and other qualified participants at an interest rate of 0.75 percent.
|
|
A committee of the Bank for International Settlements also said in a study on how repurchase agreements, or repos, function, that debt management agencies could sell more securities that were becoming scarce.
|
|
The PBOC said it would lop 10 basis points off its seven-day and 14-day reverse repo rates and inject 1.2 trillion of its local currency the renminbi through reverse repos.
|
|
On March 16, the central bank raised interest rates on its reverse repurchase agreements, SLF and MLF loans, following a rise in rates on the reverse repos and SLF in early February.
|
|
Shahzadd Kamaluddin, a trader at Crane Bank, said the shilling could weaken if the central bank does not roll over repurchase agreements (repos) which are due to mature later in the week.
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The central bank has no plan to introduce repos longer than 90 days, he added, noting that money rates were approaching the central bank's repo rate, which it uses to supply funds.
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There are no reverse repos due to mature for the day, but a batch of medium-term lending facility (MLF) loan worth 189.5 billion yuan ($29.99 billion) is set to expire on Friday.
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ZURICH (Reuters) - The Swiss National Bank (SNB) has updated its criteria for collateral eligible for SNB repos to prevent U.K.-domiciled securities losing their eligibility after Brexit, the central bank said on Monday.
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ZURICH (Reuters) - The Swiss National Bank (SNB) has updated its criteria for collateral eligible for SNB repos to prevent U.K.-domiciled securities losing their eligibility after Brexit, the central bank said on Monday.
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A batch of 502 billion yuan worth of MLF loans, along with another 160 billion yuan in reverse repos, is set to expire on Tuesday, according to Reuters calculation based on official data.
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SHANGHAI, Jan 18 (Reuters) - The People's Bank of China could issue 28-day reverse bond repurchase agreements (repos) this week, traders said on Monday, the first issue of such tenor since February 2015.
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There are no reverse repos due to mature for the day, but a batch of medium-term lending facility (MLF) loan worth 105.5 billion yuan ($16.72 billion) is set to expire on Wednesday.
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The bank also makes extensive use of wholesale funding (about a third total end-June 13 funding) mostly in the form of repos, covered bonds and ECB funding to fund carry-trade activities.
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The central bank also raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors, bringing them to 2.45 percent, 2.60 percent and 2.75 percent, respectively.
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Data on how many U.S. bank repos involve an overseas leg or the potential cost of the extra tax was not available, but the repo market is global with U.S. banks major participants.
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Losses on the mainland also came after Reuters reported the People's Bank of China raised the interest rate on seven-day reverse repurchase agreements, referred to as reverse repos, by 5 basis points.
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The rate on open market operation reverse repos for seven-, 14- and 28-day tenors was bumped up for the second time in six weeks, with the seven-day rising to 2.45 percent.
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In September and October, the central bank launched seven-, 28- and 90-day repurchase agreements that it could use to supply banks with funds; previously it had typically only used one-day repos.
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When it came time to divvy up their assets, in August 2017, Sue won a coin flip for "Les Repos," a sensual 1932 painting of Picasso's "golden muse" and lover, Marie-Thérèse Walter.
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The publication of the proposed repo rates, based on overnight repos backed by Treasury securities, is scheduled for initial publication by late 2017 or early 2018, the New York Fed said in a statement.
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The central bank's injection of money into the financial system using 14-day reverse repos was also taken as a signal by financial markets that further cuts to bank required reserve ratios were unlikely.
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The bank's chief executive, Tom Broughton, says that it considered SOFR, but because it does not use Treasury repos and its liabilities are not secured, it needs a rate that can accommodate credit risk.
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America's Alternative Reference Rates Committee (ARRC), a group of market participants convened by the Federal Reserve, plumped for the Secured Overnight Financing Rate (SOFR), derived from $1.1trn-worth of transactions daily, mainly Treasury repos.
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The People's Bank of China's use of reverse repos or a medium-term lending facility (MLF) does not signal that it has a loosening bias, Vice-Governor Liu Guoqiang told reporters at a briefing.
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The central bank raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors last week, bringing them to 2.45 percent, 2.60 percent and 2.75 percent, respectively.
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SHANGHAI (Reuters) - China's central bank injected a net 170 billion yuan ($24.67 billion) into money market through open market operations on Tuesday to offset liquidity stress caused by corporate tax payment and maturing repos.
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On a net basis, the People's Bank of China (PBOC) will neither inject nor drain any funds from the market for the day as there are no reverse repos set to expire on Wednesday.
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"Fiscal expenditure were increasing towards the month-end to counter maturing reverse repos, liquidity in the banking system was staying at relatively high level," the People's Bank of China said in an online statement.
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On Thursday, the U.S. central bank had allotted $224.13 billion in one-day reverse repos to 55 money market funds, mortgage finance agencies and other qualified participants at an interest rate of 0.75 percent.
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Add the Tor Project's PGP public key and update the system to look at the new repos we just added: Feel free to fact check any of these commands against the official Tor documentation.
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On Monday, the PBOC injected 50 billion yuan ($7 billion) into money markets through seven-day reverse repos, breaking a hiatus of 29 trading days with no fresh fund injections via the liquidity tool.
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Money market funds, the largest lenders in repurchase agreements, otherwise known as repos, are expected to increase purchases of Treasury bills at the expense of making loans in repo, making the loans more expensive.
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The Fed on Thursday allotted $36.56 billion in one-day reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $40.47 billion in four-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $80.81 billion in one-day reverse repos to 32 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $127.12 billion in one-day reverse repos to 59 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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The Fed on Wednesday allotted $31.97 billion in one-day reverse repos to 24 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $40.5 billion in one-day reverse repos to 27 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $49.91 billion in one-day reverse repos to 30 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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With the central bank's move to 14-day reverse repos for the first time since February, some in the market took it as a signal that further cuts to bank required reserve ratios were unlikely.
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On Monday, the Fed allotted $53.72 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $61.19 billion in one-day reverse repos to 30 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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The People's Bank of China (PBOC) has relied on daily issuances of seven-day reverse repos during daily open market operations this year, injecting cash on a regular basis to manage short-term money supply.
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On Thursday, the Fed allotted $76.41 billion in one-day reverse repos to 37 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $38.76 billion in one-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $24.15 billion in one-day reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $80.17 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $64.81 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $22.15 billion in one-day reverse repos to 17 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $23.48 billion in three-day reverse repos to 17 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $278.81 billion in one-day reverse repos to 92 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $44.55 billion in one-day reverse repos to 36 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $59.09 billion in three-day reverse repos to 31 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $16.61 billion in one-day reverse repos to 18 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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After the daily injection, the central bank will neither drain nor inject any fresh funds into the money market for the day as 70 billion yuan of reverse repos are due to mature on Wednesday.
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On Friday, the Fed allotted $58.18 billion in three-day reverse repos to 34 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $31.43 billion in one-day reverse repos to 25 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $41.45 billion in one-day reverse repos to 25 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $76.79 billion in one-day reverse repos to 37 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $35.10 billion in one-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $28.31 billion in one-day reverse repos to 20 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $83.40 billion in one-day reverse repos to 39 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $90.22 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $71.58 billion in one-day reverse repos to 39 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $113.43 billion in four-day reverse repos to 51 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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The central bank has been offering longer-end liquidity repos than shorter loans recently, and has been curbing the injection of cheaper, short-term funds in continued efforts to lower leverage in the financial system.
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On Wednesday, the Fed allotted $27.46 billion in one-day reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $83.82 billion in one-day reverse repos to 37 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $62.64 billion in one-day reverse repos to 34 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $111.24 billion in one-day reverse repos to 47 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $18.24 billion in one-day reverse repos to 16 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $57.7 billion in one-day reverse repos to 41 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $38.54 billion in one-day reverse repos to 27 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $89.30 billion in one-day reverse repos to 43 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $35.23 billion in four-day reverse repos to 25 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $58.61 billion in three-day reverse repos to 24 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $53.35 billion in one-day reverse repos to 36 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $126.58 billion in one-day reverse repos to 53 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $84.42 billion in one-day reverse repos to 41 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $91.51 billion in one-day reverse repos to 38 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $86.19 billion in one-day reverse repos to 45 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $28.29 billion in three-day reverse repos to 22 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Thursday, the Fed allotted $50.38 billion in one-day reverse repos to 33 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $116.64 billion in one-day reverse repos to 45 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $39.73 billion in three-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $90.53 billion in four-day reverse repos to 41 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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Helping to eliminate some of the excess, the PBOC has skipped its regular open market operations for three straight days this week, draining a total of 230 billion yuan($33.64 billion)through maturing reverse repos.
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On Friday, the Fed allotted $60.34 billion in three-day reverse repos to 28 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $55.75 billion in three-day reverse repos to 25 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the Fed allotted $82.27 billion in one-day reverse repos to 34 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $70.08 billion in one-day reverse repos to 35 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the Fed allotted $143.21 billion in one-day reverse repos to 52 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $41.16 billion in three-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $114.57 billion in three-day reverse repos to 62 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $46.02 billion in one-day reverse repos to 22 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the Fed allotted $65.69 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the Fed allotted $89.12 billion in three-day reverse repos to 44 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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The data illustrates the scheme's limitations in alleviating a scarcity of high-rated government bonds such as Germany's, used by investors as collateral to guarantee their trading positions and borrow cash via repurchase agreements, or repos.
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There are 90 billion yuan worth of reverse repos due to mature on Friday, along with a batch of medium-term lending facility (MLF) loan worth 207 billion yuan ($31.33 billion) maturing on the same day.
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Now it offers hundreds of services — usually open source tools swiped from public repos, given fancy names and hidden behind proprietary APIs — that are on-demand, by-the-hour components you can plug into your application.
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At the same time Credit Bank of Moscow (CBOM) reported a significant RUB255 billion (2123%) increase of corporate loans, of which RUB208 billion was reverse repos, suggesting that some of these could have migrated from Otkritie.
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Traders said demand for 14-day repos was particularly high early this week as non-banking financial institutions rushed to secure funds to tide over the end-June crunch, a period of half-year regulatory requirements.
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On a net basis, the PBOC will inject a net 40 billion yuan into the market via open market operations for the day, with 110 billion yuan worth of reverse repos due to mature on Tuesday.
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SHANGHAI, July 8 (Reuters) - The Shanghai stock exchange is curbing bond issuers from using repurchase agreements, or repos, in structured financing, four sources told Reuters on Monday, as regulators step up efforts to contain financial risks.
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On a net basis, the People's Bank of China (PBOC) will drain 50 billion yuan ($7.65 billion) from the money market for the day, equal to the amount of reverse repos due to mature on Tuesday.
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On a net basis, the People's Bank of China (PBOC) will drain 20 billion yuan ($3.18 billion) from the market for the day as the same amount in reverse repos is due to expire on Wednesday.
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"CCPs for dealer-to-nondealer repos may be attractive to dealers if netting results in smaller balance sheets and cost savings," the agency's analysts Viktoria Baklanova, Ocean Dalton and Stathis Tompaidis wrote in the research paper.
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SHANGHAI, Dec 14 (Reuters) - China's central bank on Thursday raised interest rates for its reverse repos and medium-term lending facility (MLF) loans by 5 basis points, hours after an anticipated U.S. Federal Reserve rate hike.
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There are 240 billion yuan ($36.27 billion) worth of reverse repos due to mature on Wednesday, along with a batch of medium-term lending facility (MLF) loan worth 188 billion yuan maturing on the same day.
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Leverage requirements mean global banks are reluctant to provide repos, while foreign-exchange swaps would be a more expensive way to access U.S. dollar funding, said Koichi Sugisaki, a rates strategist at Morgan Stanley MUFG Securities.
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The cash injection was to "make up for mid- to long-term liquidity gap in the banking system" to counter factors including tax payments, government bonds issuance and maturing reverse repos, according to the PBOC statement.
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On a net basis, the People's Bank of China (PBOC) will drain 130 billion yuan ($20.01 billion) from the money market for the day, equal to the amount of reverse repos due to mature on Tuesday.
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On Monday, the central bank allotted $38.61 billion in one-day reverse repos to 25 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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KEY RATING DRIVERS Portfolio Credit Quality/Diversification The fund invests in securities issued by the Kingdom of Morocco or other Moroccan rated issuers of high credit quality, and in repurchase agreements (repos) backed by government bonds.
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The central bank also told banks that it would consider using reverse repos longer than 14 days to help adjust the structure of lending in the money markets, the sources said, declining to give further details.
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On Thursday, the U.S. central bank allotted $45.19 billion in one-day reverse repos to 27 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the U.S. central bank allotted $67.69 billion in one-day reverse repos to 43 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the U.S. central bank allotted $201.55 billion in one-day reverse repos to 52 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Friday, the U.S. central bank allotted $174.73 billion in three-day reverse repos to 48 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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In a bid to cushion the economic blow of the epidemic, China injected 2500 trillion yuan ($26.8 billion) via reverse repos on Monday and Tuesday, helping Chinese stocks reverse some losses and lifting the world equity index.
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Though the central bank often uses that instrument to plug short-term gaps in the supply of foreign currency, it is the first time since March that it took steps to increase the amount of outstanding repos.
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On Friday, the U.S. central bank allotted $226.07 billion in four-day reverse repos to 49 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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In open market operations, the People's Bank of China (PBOC) also injected 150 billion yuan via 14-day reverse repos to "keep liquidity level stable at end-June", the bank said in a statement on its website.
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On Thursday, the U.S. central bank allotted $50.26 billion in one-day reverse repos to 33 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Monday, the U.S. central bank allotted $200.07 billion in one-day reverse repos to 51 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the U.S. central bank allotted $69.799 billion in one-day reverse repos to 44 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Tuesday, the U.S. central bank allotted $121.65 billion in one-day reverse repos to 41 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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On Wednesday, the U.S. central bank allotted $297.96 billion in one-day reverse repos to 55 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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Bankers say they will press Rajan for a complete overhaul that reduces the focus on these repos and instead favours RBI bond purchases or cutting reserve requirements - the cash holdings lenders must keep with the central bank.
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But Rajan has already expressed reluctance to take this route, having previously criticised bank lenders as being lazy for preferring to source easy money from the RBI rather than managing their cash needs via money market repos.
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This week, those lobbyists said their reading of the final bill did not provide for an exemption, but other tax experts said the language is ambiguous and repos may still qualify under the definition of a derivative.
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On Monday, the U.S. central bank allotted $320.89 billion in one-day reverse repos to 58 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
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Additionally, there are about RUB100806063bn (100806053% of FCC) of high risk exposures among CBM's interbank loans (some could be fiduciary), bonds and reverse repos (due to fairly low discounts on generally low-liquid collateral and high counterparty risks).
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Friedman added that the company does not believe it is legally able to provide advance notice of these restrictions, but he said that users can choose to make their private repos public to gain access and clone them.
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The People's Bank of China (PBOC) injected a total of 1.7 trillion yuan ($242.74 billion) through reverse repos on Monday and Tuesday, as the central bank said it sought to stabilize financial market expectations and restore market confidence.
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On Tuesday, China's central bank injected a net 170 billion yuan ($24.67 billion) into money market through open market operations - the most in nearly four months - to offset liquidity stress caused by corporate tax payment and maturing repos.
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"The surge in equity markets has come on the back of the Fed hosing liquidity into the banking system via repos and T-Bill purchases," Albert Edwards, market analyst at Societe Generale, said in a note for clients.
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On March 16, the PBOC raised interest rates on its reverse repurchase agreements, standing lending facility (SLF) and medium-term lending facility (MLF) loans, following a rise in rates on the reverse repos and SLF in early February.
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That is partly because of some longer tenor repos the central bank did at the beginning of the year and a generous cut made to some banks' cash reserve ratios which has given them more room to play with.
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In fact after the news broke on Tuesday that the central bank was querying banks on demand for two-week reverse repurchase agreements (repos), the benchmark seven-day repo rate notched its highest close since January at 3.24 percent.
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The People's Bank of China (PBOC) is also likely to inject funds via 28-day reverse repos and use its temporary liquidity facility ahead of Lunar New Year in 2018 as it did this year, according to the paper.
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The ECB's quantitative easing scheme of more than a trillion euros ($1.06 trillion) of government bonds has made it hard for investment funds to source high-quality collateral to use for borrowing in so called repurchase-agreements, or repos.
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Concord is rated 'BB+', reflecting its relatively diversified franchise among similarly sized local peers, although it has below-average capital and liquidity positions due to higher reliance on short-term repos to fund its larger, long-term bond investments.
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However, Fitch also identified a significant volume (RUB127 billion at end-2016, equal to 1.2x end-1Q9083 Fitch Core Capital (FCC)) of potentially risky loans, reverse repos, interbank and bond placements, which are currently performing, although some were restructured.
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Instead, the bank has stopped holding one-week repos, closing off its main channel for funding the market, and raised overnight and last resort borrowing rates, pushing funding costs for banks higher without having to change the benchmark rate.
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On Thursday, the bank again conducted both seven and 14-day reverse repos, adding 13 billion yuan ($33.05 billion) of money market liquidity in the largest single-day injection since June 27 to ease fears of a credit crunch.
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" JUSTIN LEDERER, TREASURY ANALYST AND TRADER, CANTOR FITZGERALD, NEW YORK "Powell - I'm not surprised, given what happened in repos two weeks ago that the Fed needed to put out there that it was more than a short-term fix.
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Meanwhile, India's capital markets regulator will come out with guidelines for exchange-traded repos, said R.K. Agarwal, a senior official at the Securities and Exchange Board of India, seeking to bring more regulation to a still relatively young product in India.
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Conversely significant increases of corporate accounts were seen in Sberbank (RUB350 billion, 13%), Gazprombank (GPB, RUB95 billion, 3.5%), Bank National Clearing Centre (RUB109 billion, 38%) and CBOM (RUB92 billion, 15%, which could be associated with a spike in reverse repos).
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Capital Economics expects the People's Bank of China to raise the interest rate it charges on its reverse repos if the Federal Reserve raises interest rates as expected this week, in a symbolic response as economic growth and inflation pick up.
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The People's Bank of China (PBOC) also will continue issuing 7-day reverse repos, and there are signs that its interest rate was following the policy interest rates, central bank vice governor Yi Gang said at a forum in Beijing.
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Some traders said they were not surprised about the new two-month reverse repos as the PBOC had implied in its latest monetary policy report that it would introduce new tenors to keep liquidity in the banking system "basically stable".
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Using the app, developers can compare revisions of any given file in their repos, search their files for any text strings in their code and see a detailed file history for every revision, including who made what changes — and when.
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Another commercial banker in Riyadh said he believed banks were unlikely to use the new seven- and 28-day repos much to obtain funds because the instruments were so short-term, although the 90-day repo might have more success.
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The shift in repos and bonds may not be enough to satisfy them as LCH in London clears nearly all euro denominated interest rate swaps (IRS), a popular contract used by companies to hedge against unexpected moves in borrowing costs.
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SHANGHAI (Reuters) - China's central bank lifted the interest rate on 63-day reverse repurchase agreements, or reverse repos, used for open market operations by 5 basis points on Tuesday, bringing it in line with other interbank rates adjusted in mid-December.
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Ming Ming, head of fixed income research at CITIC Securities in Beijing, said the central bank could "carry out an RRR cut to offset maturity" next week, or it could roll over MLFs while injecting more cash via reverse repos.
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In order to "keep liquidity basically stable and stabilise the market expectations", the PBOC would also resume injecting funds into the market through 28-day tenor of its reverse bond repurchase agreement (reverse repos) operations at an appropriate time, it added.
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Hammer is mum on the exact asking price, but said that it was north of the all-time Degas auction record, the $37 million paid at Sotheby's New York in 2008 for the pastel and gouache "Danseuse au repos" (circa 1879).
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Li Qilin, chief macro researcher at Lianxun Securities, said the PBOC was very likely to "rescue the market" by lending more medium-term lending facility loans, together with net injection through reverse repos, as what the central bank did in June.
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On Tuesday, the PBOC injected 80 billion yuan ($11.86 billion) through 7-day reverse repos and 100 billion yuan via 28-day tenor, while a batch of 390 billion yuan worth of one-year MLF was set to mature on the same day.
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The central bank awarded $27.46 billion of one-day, fixed-rate reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, at an interest rate of 0.25 percent, the New York Fed said on its website.
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Starting April 8, newly-issued corporate bonds rated below AAA, or bonds sold by issuers graded lower than AA, cannot be used as collateral in repos, according to rules published late on Friday by state-owned China Securities Depository and Clearing Corp (CSDC).
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A decision by China's central bank to reintroduce 14-day reverse repos this week after a six-month hiatus will give markets more flexibility, a leading bank official said on Friday, as talk swirled over whether there has been a policy shift.
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The European Central Bank has been a key driver for relocation of euro clearing, and Maguire said euro repos and government bonds were more relevant than rate swaps to the central bank as they form part of its monetary policy transmission channel.
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As well as surplus cash that public entities that have not deposited at the Bank of Greece, there are a few billion euros that state pension funds have on deposit at commercial banks which could be tapped via repos, the officials said.
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Prior to the 10-year auction, analysts had expected solid demand for the latest 10-year debt supply because of "specialness" in the repurchase agreement (repo) market and the biggest spike in "fails" of these repos in at least a year this week.
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Wall Street is seen as one of the major winners in the Republican effort to rework the U.S. tax code but tax experts said the full implications of the overhaul for big banks remained unclear amid confusion over the treatment of repos.
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"It's just completely wrong, in terms of what actually happened," he said, noting that when rates started to spike in the market for repos earlier this month, he and Ms. Logan were both in Washington for the Federal Open Market Committee meeting.
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Other highlights included Pablo Picasso's "Le Repos," which achieved $36.9 million and beat its high estimate of $35 million, and Claude Monet's "Matinee sur la Seine," which fetched $20.55 million, at the low end of the $18 million to $25 million estimate.
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Reverse repos, together with the interest the Fed pays banks on reserves they keep at the Fed and the term deposit facility, helped the Fed manage short-term interest rates after it raised them from rock-bottom levels after the 2008 global financial crisis.
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Faced with selling pressure, the central bank has moved to reassure the market with liquidity injections to offset 1 trillion yuan ($150.93 billion) in reverse repos and medium-term lending facility (MLF) loans maturing this week, including a net 80 billion yuan injection on Tuesday.
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Dimanche, c'est notre jour de repos et on a le temps de s'amuser un peu avec l'impesanteur... Tout l'équipage s'y est mis pour vous offrir le seul " mannequin challenge " de l'espace et par la même occasion une petite visite de la Station spatiale internationale !
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BEIJING, April 25 (Reuters) - China's central bank has no intent to tighten or relax monetary policy, a vice governor said on Thursday, adding that its use of reverse repos or a medium-term lending facility (MLF) does not signal it has a loosening bias.
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The PBOC injected 179.53 billion yuan through seven-day reverse bond repurchase agreements and 40 billion yuan through 14-day reverse repos to "offset impact from factors including tax payment and maturing open market operations", it said in a statement published on its website.
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Macquarie, which this year broke into the top three banks for commodities, has trimmed back its loans against physical metals inventories, in particular a type of finance called repurchase deals or repos, two Asia-based customers and a source familiar with the matter said.
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Reverse repurchase agreements (repos) - 7-day reverse repo rate, +5 bps to 2.50 pct - 28-day reverse repo rate, +5 bps to 2.80 pct MLFs - One-year MLF rate, +5 bps to 3.25 pct Reporting by Winni Zhou and John Ruwitch; Editing by Sam
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"We are keeping an eye on this risk day by day and all central banks, not just the European Central Bank, are ready to intervene with the conventional instruments they have: interest rates, repos, swaps," said Visco, who is also Bank of Italy governor.
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The agreements, commonly called repos, have existed largely in the shadows even though they pose risks to "financial markets because of the potential for fire sales," according to the report from the U.S. Office of Financial Research and the Federal Reserve Bank of New York.
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NEW YORK (Reuters) - Primary dealers on Wednesday submitted $91.95 billion in bids for cash at the U.S. Federal Reserve's operation on overnight repurchase agreements (repos) - the highest total yet since it began this cash-adding move last week, New York Federal Reserve data showed.
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The increase came after the People's Bank of China raised rates on reverse repos and medium-term lending facility (MLF) loans earlier in the day, just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilising capital outflows without hurting economic growth.
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The total was not far below the near one-month peak reached on Wednesday, On Wednesday, the U.S. central bank had allotted $20.68 billion in reverse repos to 17 money market funds, mortgage finance agencies and other qualified participants at an interest rate of 1.75 percent.
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The increase came after the People's Bank of China raised rates on reverse repos and medium-term lending facility (MLF) loans earlier in the day, just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilizing capital outflows without hurting economic growth.
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In May, the Alternative Reference Rates Committee (ARRC), a group of global banks and clearing houses working with U.S. regulators, identified a rate based on repos backed by Treasury securities as a possible replacement for Libor, which is a benchmark for some $350 trillion worth of financial products worldwide.
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Analysts say the change in tactics by the central bank, which for most of 2016 has relied on lower interest rate seven-day reverse repos to maintain money market liquidity, signals the PBOC's concern that too much cheap money market borrowing is flowing into bonds and other assets.
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A source with knowledge of the matter said Macquarie saw repo-only deals as taking up too much capital and holding too much compliance risk for slim returns, but that the bank was still offering repos in broader packages of services such as finance for hedging or offtake.
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The talks, which have yet to be scheduled, come after Rajan unexpectedly said on Tuesday he would meet with bankers, and was open to re-examining the process he unveiled in 13 of providing liquidity to banks mainly via term repos, or cash provided as short-term loans.
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On Tuesday, China's central bank injected a net 170 billion yuan ($24.67 billion) into money market through open market operations - the most in nearly four months - to offset liquidity stress caused by corporate tax payments and maturing repos, indicating Beijing's intention to maintain market stability amid widespread concerns over policy tightening.
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In addition to the short-term repos, the Fed also is buying Treasury bills from banks in an effort to make sure the central bank's benchmark funds rate, which is used as a guidepost for other very short-term borrowing rates, stays within its targeted range of 1.5% to 1.75%.
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Strategists pin the problem on a number of factors, including the Fed's reduction in its own balance sheet, which removed some liquidity from the market, as well as changes in rules after the financial crisis, which required banks to hold more capital, reducing their ability to offer repos, or repurchase agreements.
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A separate study, by consultants at Oliver Wyman, finds that the Volcker rule and similar regulations in Europe may have harmed liquidity in some important markets, including repos, which provide short-term funding, corporate bonds and commercial mortgage-backed securities, because banks now hold much less of such stuff on their balance-sheets.
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The most successful groupings are those that demonstrate an artistic progression — the rounds of Fernande Olivier's face turning to angles with the development of Cubism — or showcase variations on a theme, as with the sensual, colorful paintings of Marie-Thérèse Walter in states of repose, including "Le Repos" and "Le Rêve," both from 1932.
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A quarter of the primary dealers expect interest rates on repos "to ease somewhat" due to rising demand from money funds the rest of the year, while more than half of dealers expected they would pay higher interest rates on CP and CDs to entice money funds and other investors for the remainder of the year, the Fed survey showed.
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Of equal importance was Baudelaire's commentary on "Femmes d' Algers" in his review of the Salon of 1846 (cited in Anita Brookner's The Genius of the Future (1971), with a translation by Jonathan Mayne): Ce petit poéme d'intérieur, plein de repos et de silence, tout encombré de riches ètoffes et de brimborions de toilette, exhale je ne sais quell haut parfum de mauvais lieu qui nous guide assez vite, vers les limbes insondées de la tristesse.
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Interestingly, one of the reasons that a lot of these new digital-only challenger banks are based in the United Kingdom is that there the Treasury, along with the Competition and Markets Authority, has advocated and eventually mandated the adoption of open banking standards, which are even now being rolled out—although it's notable that of the banks it's Monzo and Starling, the full stack banks, that have developer sites, Github repos, and an actual working API you can develop against.
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These potentially risky exposures include: - RUB57 billion (52% of FCC at end-1Q17) of high risk corporate loans to borrowers with high leverage/weak financial performance - RUB17 billion (16%) related-party construction exposure - RUB05003 billion (29%) of weak reverse repo exposures with high counterparty risks and/or weak, illiquid collateral with limited discounts - RUB22 billion (20%) of blank interbank and bond exposures to weak Russian financial institutions, which could be fiduciary in nature; according to CBM, this exposure reduced to RUB5 billion (5%) in June 2017 Of somewhat lower credit risk, are exposures (through loans, reverse repos and interbank placements) to two large Russian banks and two property developers of a combined RUB65 billion (61% of FCC at end-1Q2123).
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