Asset managers
Asset managers should face minimum cash levels – ECB paper
Researchers say macro-prudential measure would improve market allocation of financial resources
BoE looks to fix flaws in funds’ use of swing pricing
Central bank finds some funds overestimate the liquidity of their assets
Asset manager: BNP Paribas Asset Management
Firm has leveraged its focus on official institutions, expertise in MBS, training, reporting and ESG compliance
Climate portfolio services: RepRisk
Swiss firm’s ML tool offers central banks and SWFs early warnings on climate-related risks
MAS selects asset managers with green focus
Singapore government will start issuing green bonds, governor Menon says
Book notes: Asset management at central banks and monetary authorities, edited by Jacob Bjorheim
This excellent book fills a critical gap existing since IMF guidelines on asset management were revised
The Covid crisis, central banks and the future
Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks
BIS paper tests impact of macro-pru on non-banks
Domestic and foreign prudential policies have opposite effects on non-bank share, authors find
Guy Debelle on the future of the FX Global Code
Code’s creators considering updates to sections on last look and pre-hedging
Non-banks continue to eat into banks’ market share
FSB monitoring finds patterns of links between banks and non-banks are changing
State regulators could lead on CFTC climate risk plans
Sympathetic rulemakers don’t need to wait for a change of federal government, say experts
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing, coverage, portfolio construction, benchmarking, external parties and risk
Advanced economy central banks use more custodians
Reserve managers in advanced economies work on average with 5.6 custodians
One third of reserves staff work in front-office roles
Average reserve management team size is less than 30 employees
Half of reserve managers use bespoke index benchmarks
Those using external managers can choose bespoke, but public indexes remain predominant
Lower-income nations invest more with external managers
Third-party institutions offer staff training and new asset class investments
Alternative funds play key role in spreading shocks – study
Spillovers rose dramatically during Covid-19 stresses, authors find
NBIM sees sharp swings in oil fund returns
Dramatic loss in Q1 nearly matched by big profit in Q2
Funds warm to Esma liquidity rules after Covid crisis
Funds are embracing stress-testing, and swing pricing, after “a real liquidity crisis” in March
A better way to buy private sector securities?
Central bank asset purchases can do more harm than good, writes HKU’s Bryane Michael
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses are underscoring central role non-banks play in crisis contagion
Fed lifts lid on ETF purchases
Biggest holding is of a BlackRock ETF, the same firm managing the purchases
The complex art of reserve management
Lockdown represents another inflection point for central banks managing $12 trillion in FX reserves