Liquidity
BIS paper explores impact of sterilised FX interventions
Authors say economic and financial stability implications of intervention have been understudied
BoK launches facility to guard against dollar liquidity squeeze
South Korean central bank creates new facility to cut risk of dollar liquidity crisis
Fed will calibrate NSFR to avoid hurting repo
Fed’s supervision head says final liquidity rule will be fast-tracked without fresh consultation
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing, coverage, portfolio construction, benchmarking, external parties and risk
Sterling swap traders brace for new Sonia switch deadline
Covid delays force regulators to set new date for interdealer swap market to price off RFR
Moral mandates better suited to ESG adoption than financial goals – panel
Lack of liquid green bond markets limits a wider adoption of ESG investment strategies
BIS research maps out links between banks and non-banks
First attempt at global mapping reveals significant scale of interconnections
Mauritius governor defends central bank’s funding of government
“Unprecedented times” require “unprecedented set of measures”, says Seegolam
Asian reserves proved more resilient in Covid crisis – reserve managers
Limited use of Fed’s ‘Fima’ facility highlights improved reserve management, says panellist
Asia tops rankings for reserves coverage ratios
Asia leads across three main metrics, but the region may be moderating its holdings
Emerging markets act as standard bearers for tranching
Nearly two-thirds of reserve managers tranche; largest allocations made to investment tranche
RBI unveils debt restructuring plan
Aim is to save viable businesses while letting hopeless cases fail
Bank investors still don’t think bail-in will happen, FSB told
Questions over bailing in bank bondholders mean problem of too big to fail persists, experts warn
IMF praises Georgia’s non-bank overhaul, but says issues remain
“Issues and challenges” could still threaten the sector’s viability, fund staff warn
MAS ramps up liquidity support
Financial sector will have increased access to Singapore and US dollar funding
Bailey urges early intervention on stablecoin risks
BoE governor says multi-currency stablecoins do not appear to be viable payment systems at present
Alternative funds play key role in spreading shocks – study
Spillovers rose dramatically during Covid-19 stresses, authors find
Malta’s banking sector should withstand pandemic – central bank
Central bank says some lenders may struggle, but results of stress tests show most banks are secure
Mexican sovereign debt faces tighter conditions - SF Fed paper
Liquidity premiums reached record highs in pandemic while foreign holdings fell, researchers find
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed chief supports average inflation targeting and worries about Treasuries market and non-bank regulatory weakness
Weak banks undermined first round of QE – BoE paper
Undercapitalised banks took defensive measures rather than boosting lending, research finds
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
New York Fed paper examines MBS price dislocations in March
Flight to safety and dealer balance sheet constraints widened cash-forward basis, researchers find
New Fed discount window could ease bankruptcy crisis – researchers
Many companies may not endure a further liquidity shock