We should also explore possible means of reducing this market's dependence on large amounts of intraday credit from the banks that facilitate the settlement of triparty repos. The attainment of these objectives might be facilitated by the introduction of a central counterparty but may also be achievable under the current framework for clearing and settlement.
And I very much hope that during the coming months we will find pragmatic ways to establish a new, respectful, and amicable partnership. But the formal contracts alone will not make for such a strong partnership.