Collateral
BoE makes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing
SNB introduces new liquidity provision framework
Reformed facility will be less “emergency” in nature and accept broader pool of collateral
Inside the week that shook the US Treasury market
Rates traders on the “scary” moves that almost broke the world’s safest and most liquid investment
US Treasury volatility highlights repo market risks
Yields spiked overnight as tariffs came into effect, piling pressure on heavily leveraged hedge funds
Business models at heart of 2023 banking turmoil – research
Unrealised losses and uninsured deposits were not main drivers of crisis, Chicago Fed paper argues
Central Banking Awards 2025: final winners announced
Last group of awards includes governor of the year and lifetime achievement
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually
Central Banking Awards 2025: third group of winners released
Paraguay recognised for market infrastructure and IMF for work on AI, as green and FMI awards also unveiled
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
Banks should be operationally ready for liquidity support – BIS
Institution calls on authorities to improve lenders’ preparedness for central bank liquidity
FSB urges non-banks to improve liquidity risk management
Report lists eight recommendations on how funds can answer margin and collateral calls
Nandalal Weerasinghe on Sri Lanka’s IMF programme, central bank reforms and road to recovery
The Central Bank of Sri Lanka governor speaks about his return from retirement to aid Sri Lanka’s structural reforms and recapitalisation, reinforce central bank independence and develop financial resilience
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
ECB official open to offering liquidity aid to non-banks
Deputy director doesn’t rule out copying UK plan to extend repo facility to pension funds and life insurers
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
Campos Neto on inflation targeting, independence and the future of financial intermediation
The Brazilian governor speaks with Christopher Jeffery about tackling inflation, the need for financial autonomy, and redefining the financial landscape with open finance, programmable Pix, deposit tokenisation and sound cross-border payments governance
Ukraine’s governor on central banking as war endures
The NBU’s Andriy Pyshnyy speaks about the need for investment and reform amid labour shortages, securing war-risk insurance and Ukrainian funding from Russia’s frozen assets
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
BNM’s Rasheed on inflation, growth and currency performance in emerging markets
Bank Negara Malaysia’s governor speaks about balancing inflation and growth, supporting the ringgit, multilateral currency settlement and greening Islamic finance
Ransomware payments can be necessary, say panellists
Paying off hackers may be only way to safeguard financial stability, despite risks