DTCC’s Murray Pozmanter on repo clearing and HFT
Buy-side clearing a top priority following suspension of interbank GCF repo
The suspension of the Depository Trust & Clearing Corporation's (DTCC) interbank general collateral finance (GCF) repo service, which allowed dealers using different clearing banks to trade with each other, has pushed the $1.6 trillion US tri-party repo market into uncharted territory.
A cross-clearing bank basis emerged following the suspension of interbank trading on July 15, with dealers clearing at JP Morgan at one point paying as much as 30 basis points more for short-term funding than
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