Money market funds
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'