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CANADA: Term Repo Operations Could Have Side Benefit For Funding Pressures

CANADA
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IFrom Dep Gov Gravelle's Q&A. 

Q: What’s the difference between o/n and term repo operations, do you think it’s an efficient tool to normalize CORRA?
Gravelle: We often see intraday or recently it’s been every day upward, or downward, pressures on benchmark repo rates. Routinely, when we see upward pressure we intervene by repo operations and reverse repos on downward pressures. When we start doing term repos that might have an effect on the o/n repo rate, but it’s not the intention. It could be a side benefit though of allowing dealers to circulate that liquidity in the o/n markets.

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IFrom Dep Gov Gravelle's Q&A. 

Q: What’s the difference between o/n and term repo operations, do you think it’s an efficient tool to normalize CORRA?
Gravelle: We often see intraday or recently it’s been every day upward, or downward, pressures on benchmark repo rates. Routinely, when we see upward pressure we intervene by repo operations and reverse repos on downward pressures. When we start doing term repos that might have an effect on the o/n repo rate, but it’s not the intention. It could be a side benefit though of allowing dealers to circulate that liquidity in the o/n markets.

Keep reading...Show less