State Street expects buy-side clearing of repo financing to increase significantly among mutual funds and money markets funds in the US.
DTCC recently broadened the category of market participants accessing the Fixed Income Clearing Corporation’s (FICC) cleared repo service.
The proposals aim to shift trading activity away from bilateral markets and towards central clearing.
The expansion will also change how the service is used, with sponsors now able to let their clients trade with counterparties other than themselves.
Highly regarded market structure expert to join RBC from BNY Mellon.