BIS’s Shin points to ‘profound structural shift’ in global markets
‘Hidden’ $113tn FX swaps market reflects sovereign bonds’ ascendency
The rapidly growing foreign exchange swaps market reflects a “profound” shift in global markets, but is not captured in banks’ balance sheets, says Hyun Song Shin, head of the monetary and economic department at the Bank for International Settlements.
Speaking at the London School of Economics on May 19, Shin flagged that the FX swaps market has grown rapidly since the global financial crisis (GFC). He argued FX swaps had similar characteristics to debt, and had become a “linchpin” of global
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