【英语财经】美联储积极参与回购市场 Repo market turns corner as Fed bolsters role

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2014-6-20 06:23

小艾摘要: The Federal Reserve Bank of New York has emerged as the largest participant in an important segment of the short-term lending market that was at the epicentre of the financial crisis.The Fed’s decisi ...
Repo market turns corner as Fed bolsters role
The Federal Reserve Bank of New York has emerged as the largest participant in an important segment of the short-term lending market that was at the epicentre of the financial crisis.

The Fed’s decision to quadruple its trading with government money market funds in the repurchase or “repo market” is a sign that the central bank is now engaging more directly with the shadow banking system at the expense of large Wall Street banks. Historically, the repo market was where big banks pawned out their securities such as Treasury bonds to lenders including money market funds, insurers and mutual funds, in exchange for short-term financing. Now the Fed is stepping in to trade as well as it prepares as it prepares to end its current near-zero interest rate policy.

Armed with a balance sheet of $4.3tn of bonds purchased during quantitative easing, the Fed is using what it calls its reverse repo programme, or RRP, to trade with money funds at a time when tough new regulatory standards have made such borrowing less attractive for the banks.

Rather than lending to the banks, money market funds have sharply boosted their dealings with the US central bank.

Between September 2013 and the end of May, government money market funds increased their use of repo trades with the New York Fed by $65bn to a total of $87bn, while decreasing their repo holdings with dealer-banks by $38bn, according to a study by Fitch Ratings. The growing presence of the Fed in repo is a signal that it is testing new ways to control short-term interest rates once it starts tightening monetary policy. When official short-term rates are eventually pushed higher, the Fed plans to use the RRP, to drain cash from the financial system via short-term loans of Treasuries from its massive balance sheet.

Robert Grossman, managing director at Fitch, said the change in the Fed’s presence in the repo market has been dramatic and that the central bank could use RRP to significantly escalate its role.

Fitch said the relationship between banks and government money market funds has changed since the Fed launched the RRP. The likes of Citigroup, Bank of America, Crédit Agricole, Goldman Sachs and RBC now rely less on money market funds for funding while BNP Paribas, Deutsche and Barclays were the banks most reliant on repo funding, as of May 31.

纽约联邦储备银行(Federal Reserve Bank of New York)已成为短期贷款市场一个重要领域的最大参与者。该领域曾处于金融危机的震中。

美联储(Fed)决定将其在回购市场与政府货币市场基金的交易规模增加三倍,这表明,美国央行现在更直接地与影子银行体系(而非华尔街大型银行)打交道。传统上,大型银行在回购市场上将自己持有的美国国债等证券抵押给包括货币市场基金、保险商和共同基金在内的放贷者,以换取短期融资。现在美联储在准备结束其当前接近于零的利率政策之际,也入场交易。

美联储在量化宽松期间购买了4.3万亿美元的债券。它正利用这种庞大的资产负债表规模,通过其所称的逆回购计划(RRP)与货币基金交易,而与此同时严厉的新监管标准让银行对此类借贷的兴趣下降。

货币市场基金大幅提升了与美联储的交易,而不是向银行放贷。

惠誉评级(Fitch Ratings)的一项研究显示,从2013年9月到今年5月底,政府货币市场基金与纽约联储的回购交易增加650亿美元,至870亿美元,同时与交易商银行的回购交易减少380亿美元。美联储加大参与回购市场显示出,它正在测试新的控制短期利率的方式,为开始收紧货币政策做准备。当官方短期利率最终被推高时,美联储计划使用RRP从金融体系回收流动性——通过短期贷出其庞大资产负债表上的美国国债。

惠誉董事总经理罗伯特?格罗斯曼(Robert Grossman)表示,美联储参与回购市场方式的变化是戏剧性的,这家美国央行可能利用RRP来大举增强其角色。

惠誉表示,自美联储推出RRP以来,银行与政府货币市场基金的关系已经改变。花旗集团(Citigroup)、美国银行(Bank of America)、法国农业信贷银行(Crédit Agricole)、高盛(Goldman Sachs)和加拿大皇家银行(RBC)之类的银行现在更少依靠货币市场基金获取融资,而截至5月31日,法国巴黎银行(BNP Paribas)、德意志银行(Deutsche)和巴克莱(Barclays)是最依赖回购融资的银行。

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