China

Doors open for international access to China’s huge securities finance markets

September 3, 2020

China, Custodians, Repo, Securities Lending

Blackrock, China, Citi, Custody, JP Morgan Asset Management, Repo, Securities Lending, topstory

China’s securities markets are enormous, at over US$23 trillion in bonds and equities, and so is its repo and securities finance business. New rules allowing international firms to apply for…

Starts and stops for Chinese bonds as global collateral (Premium)

May 26, 2020

Josh Galper

China, Collateral Management

CCDC, China, Clearstream, Corporate Bonds, DTCC, Equities, Euroclear, topstory

No Comments

A long-held goal of the Chinese government is for Chinese bonds to be eligible as collateral in transactions anywhere around the world. Although institutions are taking important steps forward on…

Central banks and the danger of a lasting global recession from the coronavirus (Premium)

February 27, 2020

Josh Galper

China, Interest rates, Regulatory

Central Banks, coronavirus, interest rates, topstory

No Comments

The coronavirus, COVID-19, represents a unique kind of challenge to central banks – a supply side shock. This type of impact can’t be confronted the same way as weak demand,…

Central banks consider new growth tools amid coronavirus worries

January 28, 2020

Josh Galper

China, ECB, Federal Reserve, Interest rates, Regulatory

China, coronavirus, ECB, Federal Reserve, monetary policy, topstory

No Comments

The Fed may be looking at the end of its already broadened toolkit for boosting growth. The ECB is considering all of its policy options while expressing frustration with politicians.…

China’s digital currency project: why you should pay attention now (Premium)

November 26, 2019

Josh Galper

China, Cryptocurrency, US

China, digital yuan, reserve currency, topstory, US dollar

No Comments

Psst – look over here! While the financing and collateral worlds are waiting for year end market disruptions in the short-term, the biggest story on the medium-term horizon is China’s…

Finadium: Local Currency Repo in Asia: Collateral Growth and the Path to Mass Adoption

November 18, 2019

Josh Galper

Asia, China, Repo

Asia, China, Japan, Repo, topstory

No Comments

Finadium has conducted an investigation into local currency repo in Asia. This report offers market sizing, a review of specific country and pan-Asian repo trends, and data on how impactful…

Is there offshore demand for Chinese bonds as collateral? (Premium)

November 14, 2019

Josh Galper

China, Collateral Management, Fixed Income

Bonds, China, collateral, offshore, onshore, topstory

No Comments

At ¥95.5 trillion (US$13.7 trillion), the Chinese bond market is big and growing. Chinese institutions would like to see Chinese bonds accepted as collateral offshore. The effort faces obstacles however.…

Could Chinese banks become an important liquidity source for Western banks? (Premium)

January 9, 2019

Josh Galper

China, Collateral Management, Liquidity Management

Bank of China, China, collateral, ICBC, Liquidity, topstory

No Comments

In recent conversations on Delta One trading for an upcoming report, we heard the idea that Chinese banks could become an important future liquidity source for Western banks. The logic…

China and Japan are holding fewer US Treasuries. What happens next?

November 21, 2018

Josh Galper

Asia, China, Fixed Income, Interest rates, US

China, Japan, topstory, US Treasuries

No Comments

China and Japan together hold 35% of US Treasuries outstanding, according to new US Treasury data. But that figure is decreasing and there are no big buyers stepping up to…

China goes after the IMF, with impacts for global finance

November 8, 2018

Josh Galper

China, Regulatory

China, IMF, Regulation, topstory

No Comments

China wants a bigger seat at the global financial decision-making table. While this drive isn’t new, a quota review at the International Monetary Fund (IMF) is one of those behind-the-scenes…

What we heard and said at the first Asian Prime Collateral Forum

October 30, 2017

Richard Stinchfield

Asia, China, Collateral Management, Fixed Income, Market infrastructure, Prime Brokerage, Repo

ASEAN, Asian Prime Collateral Forum, Data repositories, Prime Brokerage, Repo, topstory

No Comments

Finadium was invited to present last week at the first ever Asian Prime Collateral Forum, hosted by the Korean Institute of Finance. The Prime Collateral Forum brought together more than…

What is China’s X-Repo market and why does it matter? (Premium)

January 4, 2017

Josh Galper

China, Repo

China, People's Bank of China, topstory, X-repo

No Comments

China has several repo markets – among them the interbank pledged repo, an outright repo market and the X-repo market. Lately, the X-repo market has been showing up more prominently.…

Rate games adding to the complexity in collateralized funding markets (Premium)

January 13, 2016

Richard Stinchfield

China, ECB, Federal Reserve, Interest rates, Repo, Short Term Interest Rate Benchmarks, Systemic Risk

China, Euro, fed rate hike, Fed Repo Facility, monetary policy, topstory

No Comments

Now that the US Fed has uncorked the bottle with their first rate hike in several years, central banks around the world are starting to react in interesting ways. As…

Eased Chinese margin requirements used to prop up market. Where does the risk go?

July 14, 2015

Jonathan Cooper

Asia, China, Credit Exposure, Shadow Banking

Chinese Securities Finance Corp, margin debt, SHCOMP:IND, topstory

No Comments

Chinese margin requirements were eased to prop up the equities market. But all this does is transfer the risk to the lenders. In this case, one of the lenders is the…

Part II: What’s to come for Chinese Securities Finance in 2015 (Premium Content)

January 22, 2015

Christopher Sappo

China, Derivatives, Investments

China, OTC derivatives, PBOC, securities finance, Securities Lending, Shanghai Clearing House, topstory, Yuan

No Comments

This article is the second in our series on securities finance-related activity in China. We cover liquidity coming from the People’s Bank of China, derivatives trading and the growth of…

Part I: What’s to come for Chinese Securities Finance in 2015 (Premium Content)

January 15, 2015

Christopher Sappo

CCP, China, Collateral Management, OTC Derivatives Clearing

China, CME, OTC derivatives, securities finance, Securities Lending, Shanghai Clearing House, topstory

No Comments

China’s securities markets are beginning to open; any recent scan of the news can show the link between the Shanghai Stock Exchange and the Hong Kong Stock Exchange, a new…

Shadow Banking: recent articles and speeches

May 21, 2014

Josh Galper

China, IOSCO, Regulatory, Shadow Banking, Trade Repositories, US

Financial Times, IOSCO, Reuters, Shadow Banking, The Economist, US Comptroller of the Currency

No Comments

We’ve seen several recent news articles and commentary on Shadow Banking, from The Economist’s special report to news on China’s CITIC. Below are the most interesting articles we’ve seen lately.…

What China's opening could mean for securities finance (Finadium subscribers only)

January 8, 2014

Josh Galper

China, Collateral Management, Securities Lending

China, China Securities Finance Corp, CSF, Securities Lending

No Comments

In our preparations for a Finadium research report on Asia, we heard several times about the importance of a potential opening of China not only for securities finance markets but…

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Doors open for international access to China’s huge securities finance markets

Starts and stops for Chinese bonds as global collateral (Premium)

Central banks and the danger of a lasting global recession from the coronavirus (Premium)

Central banks consider new growth tools amid coronavirus worries

China’s digital currency project: why you should pay attention now (Premium)

Finadium: Local Currency Repo in Asia: Collateral Growth and the Path to Mass Adoption

Is there offshore demand for Chinese bonds as collateral? (Premium)

Could Chinese banks become an important liquidity source for Western banks? (Premium)

China and Japan are holding fewer US Treasuries. What happens next?

China goes after the IMF, with impacts for global finance

What we heard and said at the first Asian Prime Collateral Forum

What is China’s X-Repo market and why does it matter? (Premium)

Rate games adding to the complexity in collateralized funding markets (Premium)

Eased Chinese margin requirements used to prop up market. Where does the risk go?

Part II: What’s to come for Chinese Securities Finance in 2015 (Premium Content)

Part I: What’s to come for Chinese Securities Finance in 2015 (Premium Content)

Shadow Banking: recent articles and speeches

What China's opening could mean for securities finance (Finadium subscribers only)

Finadium

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