Balance sheet
Canada fights stigma over standing liquidity facility
Deputy governor outlines new plans for repo operations and central clearing
Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
Book notes: The unanchored central banker, by Manoj Pradhan and Charles Goodhart
A book sparkling with provocative opinions that challenges readers to rethink central banking amid evolving macro trends
Swiss upper house backs tougher capital rules in blow to UBS
Vote moves proposed 90% capital backing for foreign liabilities one step closer to becoming law
ECB launches Pontes and prepares to invest in tokenised securities
Bundesbank onboarded as market participant to trade tokenised assets settled in central bank money
BoE holds rates and reveals talks to sell gilts to Treasury
Economists voice concerns over blurred fiscal and monetary policies
Treasury buyback risks a (collateral) chain reaction
Rebalancing of bond tenors could stretch collateral links to breaking point, argues economist
MNB governor signals cautious optimism over euro adoption
Hungary has to overcome ‘pessimism’ if it wants to join currency union, says Varga
The Fed enters a new epoch
Chair Kevin Warsh takes his first steps to transform the US central bank
Russia’s cashflow problem
Citizens increasingly rely on hard currency as military spending places strain on banking system and economy
Resolution planning needs to be broader and more intense – report
Strengthening capital alone will not prevent bank failures, Bretton Woods Committee finds
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
Ample reserves can yield highest welfare – BoE paper
Central banks face trade-off between financial stability and resource misallocation, author says
Central bank reserve managers unnerved by Treasury market woes
Officials are unsettled but constrained as US creditor base shifts to private hands
Will Kevin Warsh’s communications gambit pay off?
Fed chair believes less is more with comms, but experts say time is ticking on his credibility
CPI quirk helps explain low Swiss inflation, says SNB’s Tschudin
Central bank official shares her views on monetary policy strategy
SNB welcomes ‘too big to fail’ reforms
Switzerland moves to close Credit Suisse-era gaps with new banking regulations
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
BoE’s leverage ratio rejig to hit HSBC and StanChart
Proposed changes aim to rebalance scales in favour of domestic lending
Bank of Italy used balance sheet as monetary policy tool – study
Bank’s senior economist finds approach proved effective throughout the 20th century
One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded – mBridge into Macau and Mongolia, Agorá to Canada. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello…