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Jeff Meli Ajay Rajadhyaksha

Episode 16

Jeff Meli in conversation with Ajay Rajadhyaksha

Is regulation the problem or solution to address repo market volatility?

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The market for repurchase agreements, or the repo market, plays an essential role in financing investors’ US Treasury positions; influences interest rates; and, thus, has implications for all other parts of the bond, FX and equities markets.

Turmoil in the repo market in mid-September raised important questions from investors and policymakers alike about the stability and resiliency of funding markets, which remain relevant heading into another period of potential stress at year-end.

In episode 16 of The Flip Side podcast series, Jeff Meli, Head of Research, and Ajay Rajadhyaksha, Head of Macro Research, discuss the $2.4 trillion repo market and debate whether enhanced post-crisis regulation of the banking system has contributed to repo market volatility and how intervention by the US Federal Reserve may create additional risks, as well as offer their views on what the long-term solutions might be to address underlying structural issues.

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Global Outlook

Q1 2020 Global Outlook: A slow grind higher 

Barclays Research expects the recent global equities rally to continue into 2020, but at a far more modest pace. Our analysts are significantly less worried about the world than last quarter.

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About the analysts

Jeff Meli is Head of Research within the Investment Bank at Barclays. Jeff joined Barclays in 2005 as Head of US Credit Strategy Research. He later became Head of Credit Research. He was most recently Co-Head of FICC Research and Co-Head of Research before being named Head of Research globally. Previously, he worked at Deutsche Bank and JP Morgan, with a focus on structured credit. Jeff has a PhD in Finance from the University of Chicago and an AB in Mathematics from Princeton.

Ajay Rajadhyaksha is Head of Macro Research at Barclays, based in New York. He oversees the global research and strategy efforts of the economics, rates, FX, commodities, emerging markets, securitised, and asset allocation teams. Since joining Barclays in 2005, he has held various positions, including Co-Head of FICC Research and before that, Head of US Fixed Income Research and US and European Securitised Research.

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