Interbank market
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates
China holds loan prime rates
One-year remains at 3.7% and above five-years at 4.6%
ECB maintains stance but Lagarde hints at hawkish policy turn
Lagarde's press conference remarks seem to differ from policy statement, analysts say
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Kenyan central bank prepares further monetary policy reforms
Review recommends action to improve modelling, boost interbank market and develop education
Collateral management services: Calypso Technology
US-headquartered tech company has helped develop “new backbone” of the Swiss financial market
Danish central bank moves closer to Target settlement systems
National Bank of Denmark applies to use T2 RTGS system and may start using Tips
ECB paper looks at eurozone money markets
Policy-makers must ensure smooth functioning of secured money markets, researchers say
Central bank refinancing greatly lowers banking risk – ECB paper
Paper uses data on post-crisis eurozone to calculate effects of refinancing rate on risks facing banks
Judging scarcity of reserves depends on Treasuries outstanding – paper
Increase in short-term Treasuries causes money markets to behave, as there is a scarcity of reserves, researchers find
Dealer capacity tightened significantly in March – Fed research
US primary dealers’ capacity to absorb Treasuries fell by 17% in March, economist finds
National Bank of Georgia upgrades FX infrastructure
Move follows other financial market infrastructure reforms in recent years
Yellen and Bernanke call for Treasury market reform
March's market gyrations demand close look at infrastructure and regulatory framework, former Fed chairs say
Individual German banks at risk from interbank shocks, paper finds
Bundesbank paper presents simulation method for analysing interbank markets
Fed eases capital restriction on large US banks
US repo rates stray into negative territory as investors make massive flight to safety
Banque de France seeks partner for wholesale CBDC project
Project will explore CBDC use cases in interbank payment space
China makes surprise rate cut to resist crisis
PBoC unexpectedly cuts the seven-day repo rate while injecting liquidity
Trust is crucial to eurozone interbank markets – ECB paper
More bank failures or longer-lasting crises lead to smaller interbank markets, researchers find
Bank of Ghana hails tech upgrade in forex market
Rollout of Refinitiv system should cut fragmentation and boost transparency, says governor
Fed open to more than one Libor replacement – Powell
Lawmaker voices concerns that current replacement rate lacks credit sensitivity
Bank of Canada paper looks at risk in securities dealing
More complex dealer networks can increase probability of settlement failure, researchers find
PBoC extends market closure as coronavirus spreads rapidly
Chinese central bank extends interbank markets closure and vows to maintain ample liquidity