Wall Street’s Trillion-Dollar Monopoly Has Repo Traders on Edge
- In tri-party repo, BNY Mellon emerges as lone clearing bank
- ‘Single point of failure’ seen as a risk to financial system
The Wall Street subway station in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
These days, it’s virtually impossible to become a bona fide monopoly on Wall Street.
But that’s exactly what is happening in one vital part of the U.S. financial system, which has more than a few traders on edge.