Bargaining power in Swiss repo market more pronounced during crisis, says SNB paper

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A Swiss National Bank (SNB) paper, published on January 26, says the heightened demand for Swiss francs during the financial crisis shifted bargaining power from the cash takers to the cash providers.

Sébastien Kraenzlin and Benedikt von Scarpatetti, the paper's authors, use a data sample covering October 1999 to December 2009 to analyse the price-setting behaviour of banks in the Swiss franc repo market. The authors note that once the SNB turned to a full allotment in its daily one-week fixed

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