Repo approved as an alternative to LIBOR – what does this actually mean?

The Federal Reserve’s Alternative Reference Rates Committee (ARRC) announced last week that they had selected “a broad Treasuries repo financing rate” as “best practice for use in certain new U.S. dollar derivatives and other financial contracts.” This opens the door to a wide new range of financial derivatives based on repo. This also has important implications for market participants and regulators.
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