Fed plans changes to repo markets - report

The Federal Reserve is considering a major overhaul to repo markets, where banks globally raise overnight dollar loans, reports say.

The Financial Times,a newspaper, reported on Monday that Fed officials intend to meet market players in July to discuss changes and said that Fed watchers think that the central bank wants to replace the clearing banks, the largest of which are JPMorgan Chase and Bank of New York Mellon, which act as intermediaries between borrowers and lenders.

One plan under

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