Repos
Interpreting the PBoC’s slew of policy reforms
An insight into new stimulus measures, bond market tactics, deflationary pressures and framework changes
Central clearing creates repo concentration risk – research
‘Window dressing’ is a uniquely European phenomenon, Bank of Italy study finds
Banks not fully prepared for repo risks – BoE’s Benjamin
Margining practices fail to account for “jumps to illiquidity”, executive director says
PBoC to start additional open market operations
Move could increase importance of seven-day reverse repo rate, some analysts say
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
Market seeks details of PBoC plan to open onshore repo trading
Traders welcome the move but want clarity on legal and collateral issues
PBoC and HKMA strengthen financial ties
Hong Kong to accept onshore bonds as collateral for RMB funds, as PBoC looks to open up repo market
Repo bankruptcy exemption carries ‘significant costs’ – paper
Apparent liquidity boost from US rule is undermined by greater risk of fire sales, authors say
Buy side reflects on BoE’s gilt liquidity lifeline
Lending facility could prevent repeat of last year’s LDI crisis if properly designed, pension and insurance experts say
PBoC eyes further opening of onshore repo for foreign investors
Chinese central bank gives first official signal it is looking at Swap Connect-style scheme for repo
Trends in reserve management 2023: survey results
Insights on inflation, asset diversification, geopolitical risk, risk management frameworks and ESG adoption
To repo or to buy? Non-bank liquidity backstops still elusive
BoE’s Hauser and Fed’s Logan flag major design challenges in building ideal market backstop
BIS finds Brexit dented London’s financial ‘pre-eminence’
London remains a leader in banking and derivatives, but has lost some market share
Non-bank growth pushes global financial assets to new peak
Riskiest forms of shadow banking are growing faster than other areas of finance, FSB data shows
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
ECB eases securities lending limits to address collateral shortage
Governing council aims to provide “backstop for the euro area repo markets”
Greener energy mix would foster price stability, says Lagarde
More use of renewables would reduce chance of energy price spikes
BoE widens asset purchases as ‘dysfunction’ threatens again
Surge in gilt yields comes in final week of BoE’s “temporary” intervention
BoE prepares more market support as cliff edge looms
Central bank creates temporary repo facility with wider range of eligible collateral
BoE becomes reluctant market-maker of last resort
Gilt market turmoil has again forced the BoE to intervene. Is there a better way?
ECB raises rates on government deposits to ease transition
Governments should make “alternative arrangements”, ECB says, after pandemic saw deposits rise