Why are Repos included in the ACI Dealing Certificate?
A. The Board of Education considers that Repos are now a pivotal instrument in the international money market and most (but not all) domestic money markets. The repo markets are massive and growing rapidly. The importance of repos is being increased by the pressure being placed on banks by regulatory capital requirements and economic capital constraints to switch from unsecured financing. An examination for dealers working in the modern, global money markets that did not include repos would not be credible. Dealers in domestic markets which do not trade repos need to be aware of the international dimension and position themselves for the eventual introduction of repos into their own market.
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