G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies

• On the Existence and Fragility of Repo Markets

  Staff Working Paper 2012-17 Hajime Tomura

  This paper presents a model of an over-the-counter bond market in which bond dealers and cash investors arrange repurchase agreements (repos) endogenously.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Financial stability, Payment clearing and settlement systems JEL Code(s): G, G2, G24

• A Note on Central Counterparties in Repo Markets

  Staff Discussion Paper 2012-4 Hajime Tomura

  The author introduces a central counterparty (CCP) into a model of a repo market. Without the CCP, there exist multiple equilibria in the model. In one of the equilibria, a repo market emerges as bond dealers and cash investors choose to arrange repos in an over-the-counter bond market.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial markets, Financial stability, Payment clearing and settlement systems JEL Code(s): G, G2, G24