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A standing repo facility and greater use of central clearing for Treasuries are reforms worth studying to improve resilience in one of the most important markets in the world, Federal Reserve Governor Lael Brainard said Monday.

"Some have suggested that the Federal Reserve could provide standing facilities to backstop repos in stress conditions, possibly creating a domestic standing facility or converting the temporary Foreign and International Monetary Authorities (FIMA) Repo Facility to a standing facility," she said.

"Other possible avenues to explore include the potential for wider access to platforms that promote forms of 'all to all' trading less dependent on dealers and, relatedly, greater use of central clearing in Treasury cash markets."