We analyze a new paper from the Office of Financial Research laying out a series of data concerns and systemic risks related to repurchase agreements and securities lending sure to be the subject of near-term U.S. regulatory attention.  It is unclear, however, if any of this will go beyond new FRB universal-margin rules, although OFR may push for mandatory reporting standards.  Its report does include several significant policy discussions that may also guide action, although we doubt U.S. or global agencies will act on any of OFR’s highlighted risks in the near term.

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