A deputy director of the Federal Reserve's department of research and statistics, Matthew Eichner, on August 2 testified on the efforts being made towards reforming the US triparty repo market. He said supervision was making progress, but not as quickly as had previously been hoped.

Speaking before the US Senate, Eichner emphasised the risks posed by the industry's reliance on large volumes of intraday credit, which could be withdrawn at any time by clearing banks. He said an industry task force