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Houston, we still have a repo problem. Here's why to expect more volatility. - Business Insider

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Houston, we still have a repo problem. Here's why to expect more volatility.

The repo market crashed on September 17. Speculation has swirled as to exactly what set it off and why it spun so quickly out of control.

Everyone knows there is a problem, but no one has a handle on what exactly it is – let alone how to fix it. At a recent symposium, four panels discussed potential causes of the repo flash crash and its implications for year-end. Expect more volatility.As most readers know, the repo market crashed on September 17. Ever since, speculation has swirled as to exactly what set it off and why it spun so quickly out of control. Answers to date have failed to get to the heart of the matter.

The main thrust of the symposium was that few – if any – have a clear idea of how money markets, QE, and regulation interact with each other in today's world. The symposium highlighted issues facing markets, but the big takeaway was to expect more volatility. Over a 30-year career as a sell side analyst, John Tierney covered the structured finance and credit markets before serving as a corporate market strategist. In recent years, he has moved into a global strategist role. Read this story

 

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