Liquidity
Eurozone excess liquidity focused on five states – ECB paper
Funding stress no longer drives the concentration of holdings, say researchers
Bank of Israel invites real-time payments proposals
Central bank envisages “at least” one real-time payments infrastructure, to be developed and operated by a third party
Bernanke, Geithner and Paulson to conduct forensic analysis of 2008 crisis
Protagonists of US crisis response to lead research into detailed design choices behind the main measures taken
Softened liquidity rule would still be misguided – US asset managers
The Treasury proposals are welcome, firms say, but a watered-down SEC rule would leave risks unaddressed
Making the most of big data
Per Nymand-Andersen, adviser to senior management at the European Central Bank, discusses how central banks can benefit from embracing big data and what this could mean for the industry in the near future.
Central banks and securities lending: A lever for monetary policy and liquidity management
Securities lending is often considered an alternative mechanism for generating revenue by asset owners, fund managers and others who invest with profit in mind. Central banks, however, do not share this viewpoint. Rather, their securities lending…
Paper examines EM response to global liquidity shocks
Emerging markets reduce rates and increase reserves in the face of positive liquidity shocks
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
Hong Kong and Singapore to collaborate on fintech
The first joint initiative of the two rival cities is to link the trade finance platforms with a DLT-backed interface
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
Swing pricing can help ease liquidity pressure – BIS paper
Open-ended mutual funds can mitigate the risk of “self-fulfilling” runs by using the pricing technique, researchers say
Fed policy has had bigger impact on global liquidity since 2009
A 25bp rate cut causes a cross-border lending growth to rise of two percentage points, versus 0.8 before the crisis, researchers find
FSI offers guide to liquidity monitoring tools
Basel III makes liquidity more comparable and consistent, but more tools may be needed to capture “jurisdiction-specific issues”, Financial Stability Institute says
Banks fear uneven playing field on NSFR
Asian jurisdictions are likely to implement the key liquidity metric before the US and Europe
PBoC offers reassurance on market liquidity after large-scale bond operation
Rollover of special government bonds will not have significant impact on liquidity, PBoC says; bonds were issued to finance China's sovereign wealth fund
Zimbabwe central bank has ‘little choice’ but to increase bond notes
Research says bond-note expansion sets the country on path to de-dollarisation; rise in tobacco output and gold prices unlikely to offer sufficient liquidity relief
Emergency liquidity fund set up for stressed Russian banks
Move follows the Bank of Russia taking effective control of a systemically important lender
Russia could spend $7 billion on bailout – deputy governor
Commercial bank’s mismanagement of liquidity problem led to avoidable crisis – analyst
Fed paper explores balance sheet effects of liquidity rules
Study of how banks allocate portfolios of liquid assets highlights implications for monetary policy
BoE’s Saunders says public is ready for rate hike
External MPC member denies hike would negatively impact household spending, noting inaction could leave the central bank behind the curve
Customer relationships affect severity of bank runs – research
Swiss experience of the global financial crisis offers natural experiment to test what can exacerbate or mitigate a bank run
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
Fed’s liquidity policies more restrictive than other central banks
NY Fed article compares the Fed’s collateral and liquidity frameworks to other major central banks, finding the US central bank is much more limited in its operations
Malawi stock exchange needs urgent revamp, governor stresses
Lack of interest in stock market could cause financial stability issues as pension and life insurance funds grow, says Kabambe