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R. Jay Kahn on Muck Rack

R. Jay Kahn

As seen in: Finadium
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Articles

Rising hedge fund leverage affects monetary policy implementation

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By Matthew Mccormick, R. Jay Kahn
| dallasfed.org
In Depth Monetary policy implementation seeks to bring money market rates in line with the Federal Open Market Committee’s (FOMC’s) target range. While administered rates help to anchor money markets, market rates still depend on who borrows, who lends and how easily funds can flow between them. In this article, we show that the structure of the Treasury and repurchase agreement (repo) markets has changed over the past decade in ways that alter how administered rates pass through to market rates.
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Proportionate margining for repo transactions

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By R. Jay Kahn, Matthew Mccormick
| dallasfed.org
This article is jointly published in Dallas Fed Economics and the Federal Reserve Board’s FEDS Notes. Introduction The repurchase agreement (repo) market plays a central role in funding and leveraging securities positions, and sourcing securities. Traders in the repo market protect themselves from the default of their counterparties through margin collected via haircuts on repo transactions.
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OFR working paper: Repo Market Intermediation: Dealer Cash and Collateral Flow Management across the U.S. Repo Market

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By R. Jay Kahn, Robert Mann, Mark Paddrik, Samuel J. Hempel
| Finadium
By Samuel J. Hempel, R. Jay Kahn, Robert Mann, and Mark E. Paddrik The U.S. repurchase agreement (repo) market plays a pivotal role in the U.S. financial system. This brief provides an in-depth look into how repo dealers manage cash and collateral flows across the market. Using a unique combination of data, this analysis shows that dealers relend 65% of what they receive as collateral in other transactions. This finding highlights the U.S. financial system’s reliance on collateral circulation.
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