Repos
To repo or to buy? Non-bank liquidity backstops still elusive
BoE’s Hauser and Fed’s Logan flag major design challenges in building ideal market backstop
BIS finds Brexit dented London’s financial ‘pre-eminence’
London remains a leader in banking and derivatives, but has lost some market share
Non-bank growth pushes global financial assets to new peak
Riskiest forms of shadow banking are growing faster than other areas of finance, FSB data shows
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
ECB eases securities lending limits to address collateral shortage
Governing council aims to provide “backstop for the euro area repo markets”
Greener energy mix would foster price stability, says Lagarde
More use of renewables would reduce chance of energy price spikes
BoE widens asset purchases as ‘dysfunction’ threatens again
Surge in gilt yields comes in final week of BoE’s “temporary” intervention
BoE prepares more market support as cliff edge looms
Central bank creates temporary repo facility with wider range of eligible collateral
BoE becomes reluctant market-maker of last resort
Gilt market turmoil has again forced the BoE to intervene. Is there a better way?
ECB raises rates on government deposits to ease transition
Governments should make “alternative arrangements”, ECB says, after pandemic saw deposits rise
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Book notes: The Fed unbound, by Lev Menand
Instead of the Fed expanding its tasks to meet shadow banking needs, this book calls for charter-like oversight of NBFIs
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
Chile signs up to IMF’s first short-term liquidity line
Revolving $3.5 billion credit will replace flexible credit line arrangement
RBI bolsters liquidity framework with standing facility
New deposit facility will play a role in both monetary and financial stability
ECB opens €10 billion swap line with National Bank of Poland
Central bank extends repo lines with non-eurozone counterparts until January 2023
Bank of Canada says software problem halted repo auction
Central bank says securities repo operations have now restarted
FOMC doubles ceiling for reverse repo bids
Participating institutions can now borrow up to $160 billion per bid
Pandemic Treasuries market calmed quickly – research
Dallas Fed analysis finds “headwinds” early on, but not lasting pandemic disruptions
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Fed reverse repo demand tops $1 trillion
New York Fed facility sets latest in series of record volumes
G30 calls for major US Treasury market reform
Rise of non-banks and side-effects of regulation are triggering bouts of “dysfunction”, report warns
Fed launches standing repo facilities
Facilities to be open to foreign central banks and domestic primary dealers; FOMC keeps policy on hold