Interbank market
Dealer capacity tightened significantly in March – Fed research
US primary dealers’ capacity to absorb Treasuries fell by 17% in March, economist finds
National Bank of Georgia upgrades FX infrastructure
Move follows other financial market infrastructure reforms in recent years
Yellen and Bernanke call for Treasury market reform
March's market gyrations demand close look at infrastructure and regulatory framework, former Fed chairs say
Individual German banks at risk from interbank shocks, paper finds
Bundesbank paper presents simulation method for analysing interbank markets
Fed eases capital restriction on large US banks
US repo rates stray into negative territory as investors make massive flight to safety
Banque de France seeks partner for wholesale CBDC project
Project will explore CBDC use cases in interbank payment space
China makes surprise rate cut to resist crisis
PBoC unexpectedly cuts the seven-day repo rate while injecting liquidity, suggesting a willingness to deploy stronger countercyclical measures
Trust is crucial to eurozone interbank markets – ECB paper
More bank failures or longer-lasting crises lead to smaller interbank markets, researchers find
Bank of Ghana hails tech upgrade in forex market
Rollout of Refinitiv system should cut fragmentation and boost transparency, says governor
Fed open to more than one Libor replacement – Powell
Lawmaker voices concerns that current replacement rate lacks credit sensitivity
Bank of Canada paper looks at risk in securities dealing
More complex dealer networks can increase probability of settlement failure, researchers find
PBoC extends market closure as coronavirus spreads rapidly
Chinese central bank extends interbank markets closure and vows to maintain ample liquidity
RBNZ supports plan for ‘fallback’ benchmark rate
New Zealand’s benchmark rate-setting body selects the central bank’s policy rate as fallback option
Mauritius to roll out forward-looking policy framework
New monetary policy operating framework will look to smooth the yield curve and improve communication with external stakeholders
Italian banks exploit ECB tiering to sharply boost local deposits
Rush to exploit arbitrage opportunity is “interesting showcase” of fragmented markets, says Benoît Cœuré; giving non-banks access to liquidity could help
Fed considering tools to help flow of reserves in the system
Remarks are some of the most detailed Jerome Powell has made on financial plumbing issues
Angola abandons currency trading band
Central bank floats currency in a bid to alleviate foreign exchange shortage, after IMF raises concerns
Interbank networks may be too decentralised – BoE paper
Model of how networks develop implies laissez-faire may not be optimum policy
Banque de France research takes fresh look at eurozone interbank markets
Secured interbank markets not bounded by ECB’s deposit facility rate, results show
Singapore looks to establish term RFR by 2020
Swaps linked to overnight rate will help create term structure, says industry committee member
Interbank rate uncertainty raises cost of credit – ECB paper
“Novel measure” helps authors judge effect of disruptions to interbank markets
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
PBoC unveils 11 measures to open up China’s financial sector
Analyst says actions most detailed so far in loosening foreign ownership restrictions
Bank of Canada latest to reform key reference rate
Central bank is set to take over administration of new reference rate next year