Yesterday we discussed the recent Credit Suisse research report on foreign bank reliance on US money markets and how reduced money fund assets could mean a greater demand for dollar FX swaps. What in fact are dollar FX swaps, how do they work and why are they important to US secured and unsecured funding markets?
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A primer on dollar FX swaps and why they matter (Premium)
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Credit Suisse says Japanese banks are driving unsecured debt pricing in US money markets, and the move to the Overnight Benchmark Funding Rate is not going to end well
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