Liquidations And Fire-Sales

The first recorded instance of the term “fire sale” is thought to come from an advertisement posted by Maraton Upton, a resident of Fitchburg, Massachusetts, who had suffered through a massive fire at his home in December 1856. Following the destruction, Upton no doubt needed money fo
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Seg Funds, MF Global, Sentinel, And Saving The Futures Industry

It’s Not Sexy And I Know It I know, I know, Seg funds are not very interesting.  They’re certainly not fun to read about and even less fun to write about.  However . . . they are an extremely important issue for the futures industry after the events of MF Global, Sentinel
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FTT And The Destruction of The European Repo Market

The Financial Transaction Tax (FTT) According to some, it’s a done deal.  Trade processing vendors are already updating their systems to process the Financial Transaction Tax, which was only proposed by Brussels in February and not yet even ratified.  If adopted by the EU member
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Five Bankruptcies That Created The Tri-Party Market

The History of Tri-Party Surprisingly, it took the bankruptcies of an assortment of small government bond dealers in the 1980s to create the Tri-Party market.  Before the 1970s, all Repo trades settled DVP (delivery versus payment) and were only traded between securities dealers and m
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Tri-Party Repo Reform, Then And Now

The Issue Was Settled, Wasn’t It ? On December 20, 2012 the Federal Reserve posted an announcement on their website about Recent Developments in Tri-Party Reform. For almost four years the Fed was concerned with potential flaws in the structure of the tri-party market that could
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