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Related to Repurchase Transactions: Reverse Repo, Repo transaction
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EVENT: BTA Bank (BTAS) has access to about KZT40 billion (USD$271 million) of funding via repurchase transactions with the central bank as inflows of corporate and household deposits resumed, said BTA Chairman Anvar Saidenov.
According to the ruling, the bank procured funds from foreign financial institutions through 330 repurchase transactions via its U.S.
government securities and limitations on collateral substitutions in repurchase transactions; (2) the Federal Reserve should consider altering the operating hours of the Fedwire system, liberalizing the terms of its government securities lending program, and, when necessary and appropriate, injecting additional liquidity into the marketplace; and (3) consistent with their contingency plans, regulators should consider liberalizing or suspending relevant regulations when appropriate to mitigate adverse effects on the trading and settlement of government securities.
Although governments may not be bound by FASB pronouncements, Statement 125 affects counterparties to repurchase transactions with governments and may change the nature of the underlying repurchase agreement from a buy-sell transaction to a collateralized loan.
The authorization permits the company to repurchase common stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions.
Under the company's stock repurchase programme, the purchases may be made from time-to-time through a combination of open market repurchases, privately negotiated transactions and accelerated share repurchase transactions, at the discretion of its officers and as permitted by securities laws and other legal requirements.
Under the approval, the company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers.
All assets that are eligible for repurchase transactions would qualify as collateral for the programme.
The Fed has been evaluating a number of tools that will allow it to tighten policy, such as raising the interest rate paid on bank reserves held at the Fed and conducting reverse repurchase transactions. These preparations "will allow us to move with confidence when the time is right," Tarullo said.
In handing down the ruling, however, Presiding Judge Tasuku Daimon said repurchase transactions are different from loans.
When injecting cash, the Bank does so using reverse repurchase transactions. The Bank also uses foreign exchange swaps to inject cash, although these transactions are done outside the OMO.
This practice is most visible in repurchase transactions in which cash and securities are exchanged at the beginning of the transaction and the exchange is reversed at the end of the transaction with appropriate adjustment for intervening interest.