Money market funds
Fed starts financing money market funds
US Congress overrules Dodd-Frank clause at Treasury request as Fed brings in sweeping measure
Book notes: After the crash, by Sharyn O’Halloran and Thomas Groll
The book seeks to identify seeds of the next crisis, and the overriding impression is a plea for more regulation
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
BIS paper tracks new channel for funding ‘dry-ups’
A squeeze in one market can spill over to institutions with no direct exposure, authors find
FCA signs new agreement with Asic as Brexit looms
UK regulator ensures continuity for trade repositories and alternative investment funds
Sarb says new interest rate benchmarks may be calculated with ‘actual’ transactions
Current benchmark rate based on flawed market data, South African central bank says
Podcast: Post-crisis monetary policy
Many things behave like money in the modern economy and central banks have not yet figured out how to control them all, says Andrew Metrick
Bank lawsuit pushes Fed to rethink monetary system
The Narrow Bank has the potential to alter how the Fed conducts monetary policy
A decade on: Lehman Brothers at the brink
On September 14, 2008, there remained hope that Lehman could be saved and a crisis averted. Events moved rapidly thereafter
MMFs lower risky investments in low-rate environment – paper
After a 1% rate cut, money market funds decrease risky investments by 25 percentage points
EU money fund rule threatens negative rates management tool
Constant net asset value funds may have to change format during prolonged spells of negative rates
Politics now driving markets more than central banks – BIS review
“Precipitous decline” in correlations implies markets no longer in thrall to central bank policy; US dollar credit still on the rise despite MMF reform; tensions in Chinese markets
'Coupling' of domestic bonds to foreign markets increases in turbulent times
Chilean corporate bond returns are affected by long-term government bond returns and by foreign macroeconomic shocks in the eurozone and the US
NY Fed trials new reverse repo facility
Federal Reserve Bank of New York tests new overnight reverse repo facility; William Dudley believes it will bolster the Fed’s control over short-term money market rates
Regional Fed presidents stand their ground on MMFs
Presidents of the regional Federal Reserve banks push the Securities and Exchange Commission to impose more stringent reforms on money market funds including requiring a floating net asset value
European Commission launches shadow banking onslaught
Commission looks to impose more stringent liquidity and capital requirements on money market funds; industry body hits out at 'ill-considered' proposals
FDIC’s Thomas Hoenig on bank separation, safety nets and Basel III
Hoenig tells Christopher Jeffery that Basel III is flawed, universal banks require legal separation, financial safety nets need cutting and monetary policy should move to non-zero interest rates
The changing structure of the euro money market
Systematic reports on the European secured and unsecured money market would represent a powerful tool for central bankers despite the current distortions caused by Eurosystem liquidity operations
Basel intra-day liquidity standards a ‘box-ticking exercise'
Industry panel questions limited detail in Basel Committee document; says numerous problems remain in fleshing out details, levelling playing fields and managing vast volumes of data
IMF annual report says asset bubbles among risks of ‘MP-plus'
IMF warns of risk associated with loose monetary policy in the world's biggest economies, but says stance should remain 'very accommodative until recovery is well established'