BIS paper investigates factors behind birth and death of benchmarks

China and Brazil in stong position to develop futures markets

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New research published by the Bank for International Settlements (BIS) finds the rise of private benchmarks is unlikely to completely kill off markets in government bond futures and, indeed, new markets may yet appear.

In the working paper, Benchmark tipping in the global bond market, authors Lawrence Kreicher, Robert McCauley and Philip Wooldridge observe the US Treasury bill futures market lost out to Libor, despite a head start of many years – an event they dub "benchmark tipping".

They note

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