Some financial market fragmentation helps stability – BIS paper

The Bank for International Settlements, Basel
The BIS
Ulrich Roth

Some fragmentation in global financial markets is likely to be good for stability, new research published by the Bank for International Settlements finds.

Stijn Claessens notes two kinds of fragmentation in the working paper. There may be price-based fragmentation – differences in the prices of equivalent assets across borders – or quantity-based fragmentation – deviations from benchmarks in international investment positions. He also highlights four possible causes: natural barriers; market

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