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Tri-Party Repo Task Force to Take Diminished Reform Role

A Federal Reserve-sponsored group working to improve efficiency in the market for borrowing and lending securities will take a diminished role in efforts to cut systemic risk in the market for dealer financing.

The Tri-Party Repo Infrastructure Reform Task Force formed in 2009 to spearhead the efforts will no longer hold scheduled meetings, according to people familiar with the matter. The industry’s two clearing banks, JPMorgan Chase & Co. and Bank of New York Mellon Corp., as well as the Fixed Income Clearing Corp., will continue to seek changes, said the people, who declined to be identified because they weren’t authorized to speak on the record. The task force will release a progress report today.