4  BIS Review 87/2008  The Federal Reserve and other authorities also are focusing on enhancing the resilience of the tri-party repo markets, in which the primary dealers and other large banks and brokerdealers obtain very large amounts of secured financing from money funds and other shortterm, risk-averse investors.
For some time we have been working with market participants to develop a contingency plan should there ever occur a loss of confidence in either of the two clearing banks that facilitate the settlement of tri-party repos.