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Powell Says Fed Working to Collect Banks' Treasury Trade Data
Thursday, 5 October 2017 20:52 WIB | FISCAL & MONETARY |Moneter

"The Financial Industry Regulatory Authority™s (FINRA™s) new collection of the Treasury transactions of its members through its Trade Reporting and Compliance Engine, or TRACE system, will do much to improve the regulatory agencies™ understanding of the dynamics of this market," Federal Reserve Governor Jerome Powell says.

"But as in the past, we should also be concerned about creating a level playing field. For that reason, the Board of Governors is continuing to negotiate with FINRA for it to act as our agent in collecting similar data from banks," Powell says in prepared remarks at Treasury Market Practices Group conference at New York Fed.

"We do not want to create a regulatory arbitrage where the same activity done within a broker“dealer is treated differently than when it is done within a bank": Powell.

"There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets -- a balance that must be constantly weighed. More regulation is not the best answer to every problem. There is also a role for a body such as the TMPG to address market problems".

"The TMPG™s recommendations were carefully calibrated to set financial incentives that would minimize fails and have been a marked success".

 

Source: Bloomberg

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