BIS working paper: CCPs may dampen innovation and efficiency in market making

May 4, 2020

BIS, CCPs, dealers, Liquidity, market making

Dealers’ insurance, market structure, and liquidity Many financial markets operate through dealers, market-makers, or similar intermediaries that promote liquidity in over-the-counter (OTC) markets. Following the Great Financial Crisis of 2007-09,…

Hedge fund volume on FICC sponsored repo is spiking – here are the numbers (Premium)

July 29, 2019

Josh Galper

CCP, cleared repo, Hedge Funds, Investments, Repo

dealers, hedge funds, money funds, sponsored repo, topstory

No Comments

FICC told us last week that average daily volumes on sponsored repo hit $376 billion at the end of Q2 2019, up from $230 billion at the end of Q4…

Will the need for scale plus CCLF mean US repo dealer consolidation? (Premium)

November 6, 2018

Josh Galper

CCP, Liquidity Management, Repo

CCLF, CCPs, dealers, FICC, PFMI, Rates & Repo 2018, Repo, topstory

No Comments

At our Rates & Repo 2018 conference, the Capped Contingency Liquidity Facility (CCLF) was a hot topic. Maybe too hot. We’re seeing a potential driver for market consolidation. Continue reading

The ‘wriggle parameter’ in derivatives: futures pricing formula takes on new importance

February 26, 2018

Vincent Maury

Derivatives, Repo

dealers, derivatives, forwards, Repo, Societe Generale, wriggle factor

No Comments

Aside from specialist trading desks, the wriggle parameter is little-known in financial markets. Yet, this part of a derivatives formula now plays a critical role in understanding pricing dynamics at…

Fed blog: Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?

May 10, 2017

Josh Galper

News and Notes

dealers, Federal Reserve, Lender of Last Resort, Liberty Street Economics

No Comments

During the 2007-08 financial crisis, the Fed established lending facilities designed to improve market functioning by providing liquidity to nondepository financial institutions—the first lending targeted to this group since the…

Finadium: Scenarios for the Next Collateral Crisis – download a free excerpt

May 4, 2017

Josh Galper

CCP, Collateral Management, Derivatives, Investments, Liquidity Management, Market infrastructure, Regulatory, Repo, Technology

CCPs, Central Banks, collateral management, dealers, Regulatory, Repo, technology, topstory

No Comments

A new research report from Finadium looks at scenarios for a full-blown collateral crisis that could arise over the next two years. These scenarios are all based on real-world situations…

GlobalCollateral introduces its Inventory Managing Service (IMS): dealers speak on the opportunities and challenges

March 20, 2017

Josh Galper

Collateral Management, Europe, Market infrastructure, Repo, Technology, US

collateral management, dealers, DTCC-Euroclear Global Collateral Ltd, Europe, GlobalCollateral, IMS, infrastructure, Repo, topstory, tri-party, US

No Comments

On December 16th, 2016 Euroclear received regulatory approval from the Securities and Exchange Commission (SEC) to expand its exemptive order to include US equities. This cleared the way for DTCC-Euroclear…

Report: what really happened to Treasury Bond liquidity on October 15, 2014? (Premium Content)

July 22, 2015

Josh Galper

Investments, Liquidity Management, US

dealers, Liquidity, market makers, topstory, US Treasuries, volatility

No Comments

The US Treasury, CFTC and others have released their findings on what happened to US Treasury Bond trading on October 14, 2015 that resulted in an unheard-of spike in prices…

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dealers

BIS working paper: CCPs may dampen innovation and efficiency in market making

Hedge fund volume on FICC sponsored repo is spiking – here are the numbers (Premium)

Will the need for scale plus CCLF mean US repo dealer consolidation? (Premium)

The ‘wriggle parameter’ in derivatives: futures pricing formula takes on new importance

Fed blog: Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?

Finadium: Scenarios for the Next Collateral Crisis – download a free excerpt

GlobalCollateral introduces its Inventory Managing Service (IMS): dealers speak on the opportunities and challenges

Report: what really happened to Treasury Bond liquidity on October 15, 2014? (Premium Content)

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