Credit, liquidity and collateral versus more intermediation

Banks, dealers and end-users face challenging adaptations to the "new rules" following the financial crisis, among those being the requirement to hold collateral (margin) as counterparties, either bilaterally or with central counterparties (CCPs). Now being phased in (or fully implemented in some jurisdictions), collateral requirements will apply to repurchase agreement (repo) markets, swaps and most derivatives transactions. Supervision by competent national authorities – central banks, in