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Repos
A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of secured short-term borrowing, usually, though not always using government securities as collateral. A contracting party sells a security to a lender and, by agreement between the two parties, repurchases the security back shortly afterwards, at a slightly higher contracted price. The difference in the prices and the time interval between sale and repurchase creates an effective interest rate on the loan. The mirror transaction, a "reverse repurchase agreement," is a form of secured contracted lending in which a party buys a security along with a concurrent commitment to sell the security back in the future at a specified time and price. Because this form of funding is often used by dealers, the convention is to reference the dealer's position in a transaction with an end party. Central banks also use repo and reverse repo transactions to manage banking system reserves. When the Feder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.“US Business Cycle Expansions and Contractions” United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2011 U
Eleven or 11 may refer to: *11 (number) * One of the years 11 BC, AD 11, 1911, 2011 Literature * ''Eleven'' (novel), a 2006 novel by British author David Llewellyn *''Eleven'', a 1970 collection of short stories by Patricia Highsmith *''Eleven'', a 2004 children's novel in The Winnie Years by Lauren Myracle *''Eleven'', a 2008 children's novel by Patricia Reilly Giff *''Eleven'', a short story by Sandra Cisneros Music * Eleven (band), an American rock band * Eleven: A Music Company, an Australian record label *Up to eleven, an idiom from popular culture, coined in the movie ''This Is Spinal Tap'' Albums * ''11'' (The Smithereens album), 1989 * ''11'' (Ua album), 1996 * ''11'' (Bryan Adams album), 2008 * ''11'' (Sault album), 2022 * ''Eleven'' (Harry Connick, Jr. album), 1992 * ''Eleven'' (22-Pistepirkko album), 1998 * ''Eleven'' (Sugarcult album), 1999 * ''Eleven'' (B'z album), 2000 * ''Eleven'' (Reamonn album), 2010 * ''Eleven'' (Martina McBride album), 2011 * ''Eleven'' (Mr F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chase Bank
JPMorgan Chase Bank, N.A., Trade name, doing business as Chase, is an American National bank (United States), national bank headquartered in New York City that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiary of the U.S. Multinational corporation, multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Chemical Bank New York in 1996 and later merged with Bank One Corporation in 2004 and in 2008 acquired the deposits and most assets of Washington Mutual. In May 2023, it acquired the assets of First Republic Bank. Chase offers more than 4,701 branches and 15,000 Automated teller machine, ATMs nationwide and has 18.5 million checking accounts and 25 million debit card users as of 2023. JPMorgan Chase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ESM Government Securities
ESM Government Securities, Inc. was a Fort Lauderdale, Florida-based government securities dealer, specializing in repurchase agreements and reverse repurchase agreements. The failure of the company in March 1985 precipitated the collapse of Home State Savings Bank, deposit runs on dozens of other banks in Ohio, and the downfall of the private Ohio Deposit Guarantee Fund. History ESM was started in 1975 by Ronnie Ewton, Robert Seneca and George Mead, taking the name of the company from the first letter of their last names. (Seneca resigned from the company in 1978.) Alan Novick joined soon afterwards and would later become president (but died in November 1984 of a heart attack). Stephen Arky, an attorney, met Ronnie Ewton in his National Guard unit, and introduced him to his father-in-law Marvin Warner, the owner of Home State Savings Bank in Cincinnati, Ohio. Fraud shutdown ESM was shut down on March 4, 1985, by the Securities and Exchange Commission and placed into receiver ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home State Savings Bank
Home State Savings Bank was an American savings and loan association based in Cincinnati, Ohio. Its failure in March 1985 led to a bank holiday for 70 other savings institutions that were insured by the Ohio Deposit Guarantee Fund, a private organization. The collapse of Home State Savings Bank drained Ohio’s private savings and loan insurance fund, and caused then Governor Richard Celeste to close 69 thrifts. History Before the collapse Home State Savings Bank was the largest savings institution in Ohio, with $1.4 billion in assets. It was owned by Marvin L. Warner, a local real estate developer and investor. He bought the bank in 1958. Warner had been a part owner of the New York Yankees and the Tampa Bay Buccaneers in the 1970s, and was the original owner of the United States Football League Birmingham Stallions. Warner was also a substantial political donor, and had been appointed as the United States ambassador to Switzerland in 1977 by President Jimmy Carter. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shadow Banking System
The shadow banking system is a term for the collection of non-bank financial intermediaries (NBFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations. S&P Global estimates that, at end-2022, shadow banking held about $63 trillion in financial assets in major jurisdictions around the world, representing 78% of global GDP, up from $28 trillion and 68% of global GDP in 2009. Examples of NBFIs include hedge funds, Insurance, insurance firms, pawn shops, cashier's check issuers, Cheque, check cashing locations, Payday loan, payday lending, Bureau de change, currency exchanges, and Microfinancing, microloan organizations. The phrase "shadow banking" is regarded by some as pejorative, and the term "market-based finance" has been proposed as an alternative. Former US Federal Reserve Chair Ben Bernanke provided the following definition in November 2013: Shadow banking has grown in importance to rival traditional depository bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Japanese holding company, Nikkei, Inc., Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson plc, Pearson sold the publication to Nikkei for Pound sterling, £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. In 2023, it was reported to have 1.3 million subscribers of which 1.2 million were digital. The newspaper has a prominent focus on Business journalism, financial journalism and economic analysis rather than News media, generalist reporting, drawing both criticism and acclaim. It sponsors an Financial Times and McKinsey Business Book of the Year Award, annual book ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SOFR Rate Components
Secured Overnight Financing Rate (SOFR) is a secured overnight interest rate. SOFR is a reference rate (that is, a rate used by parties in commercial contracts that is outside their direct control) established as an alternative to LIBOR. LIBOR had been published in a number of currencies and underpins financial contracts all over the world. Deeming it prone to manipulation, UK regulators decided to discontinue LIBOR in 2021. In 2022, the LIBOR Act passed by the U.S. Congress established SOFR as a default replacement rate for LIBOR contracts that lack mechanisms to deal with LIBOR's cessation. The Act also grants a safe harbor to LIBOR contracts that transition to SOFR. Previously, SOFR was seen as the likely successor of LIBOR in the US since at least 2021. SOFR uses actual costs of transactions in the overnight repo market, calculated by the New York Federal Reserve. With US government bonds serving as collateral for borrowing, SOFR is calculated differently from LIBOR and is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
