Repo Market Changes Happening Faster

Fed said to press BNY Mellon to speed market reforms.

The Federal Reserve, seeking to cut risks in the financial system, is pushing Bank of New York Mellon Corp. to speed changes in a $1.8 trillion bond-lending market that helped fuel the 2008 crisis.

BNY Mellon, which handles about 80 percent of loans in the so-called triparty repo market, will complete computer upgrades and projects aimed at bolstering the system by 2014, two years earlier than planned, according to a document on its website. The bank had pledged in February to finish the tasks by 2016, prompting the Fed to criticize industry-led reforms as too slow.

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