Worried about negative US interest rates? Get smart on yield curve control (Premium)

May 13, 2020

Bank of Japan, European Central Bank, Federal Reserve, interest rates, negative rates, Regulatory, topstory, yield curve control

No Comments

The news that US interest rate futures traded negative for late 2020 and into 2021 is important, but that doesn’t mean that negative US interest rates are on the way.…

ECB collateral adjustments help, but the EU must still take big moves on bank balance sheets (Premium)

April 27, 2020

Josh Galper

Basel III, ECB, Regulatory

collateral, European Central Bank, Leverage Ratio, Non-performing loans, topstory

No Comments

While the European Central Bank’s (ECB) adjustments to acceptable collateral and other tweaks have been useful, what really needs to happen is a significant and competitive move by the EU…

The Euro project is also under attack from COVID-19 (Premium)

March 30, 2020

Josh Galper

ECB, Europe, Regulatory

COVID-19, Euro, European Central Bank, topstory

No Comments

Strong arguments have emerged for why the Euro will not survive the COVID-19 crisis and if it does, why economic and fiscal policy in Europe would be changed for a…

Decoding the ECB’s policy moves to combat coronavirus impacts (Premium)

March 17, 2020

Josh Galper

ECB, Regulatory

coronavirus, European Central Bank, topstory

No Comments

The European Central Bank last week released a series of policy measures to combat economic and stock market declines as a result of the coronavirus. These were all good moves,…

The Eurosystem Collateral Management System (ECMS) and tri-party: good, bad or indifferent? (Premium)

February 5, 2019

Josh Galper

Collateral Management, ECB, Europe

ECB, ECMS, European Central Bank, Eurosystem Collateral Management System, topstory

No Comments

The ECB recently took the next step in their Eurosystem Single Market Infrastructure Gateway (ESMIG) project, which itself progresses the aims of the Eurosystem Collateral Management System (ECMS). We look…

When looking at bankers leaving London post-Brexit, it’s computers as much as headcount (Premium)

April 3, 2018

Josh Galper

Collateral Management, Europe, Regulatory, Technology

Brexit, European Central Bank, headcount, London, topstory

No Comments

We’ve been reading the numbers of bankers leaving Brexit (4,000 for Paris, 1,000 for Frankfurt) and something has seemed amiss. EU regulations require more than a token presence in order…

Finadium: Central Bank Tapering: Impacts for Liquidity and Collateral Markets

September 12, 2017

Josh Galper

Bank of England, Bank of Japan, Collateral Management, ECB, Federal Reserve, Investments, Liquidity Management

Bank of England, Bank of Japan, Central Banks, European Central Bank, Federal Reserve, Finadium, tapering, topstory

No Comments

Central bank tapering season is on the horizon: this means opportunities for price volatility, spread movements between products, and exchange rate fluctuations. It also means a potentially new set of…

Who should be counterparties to central banks? (Premium)

August 9, 2017

Richard Stinchfield

Credit Exposure, ECB, Federal Reserve

Central Banks, counterparties, European Central Bank, Federal Reserve, primary dealers, topstory

No Comments

Central banks have shown two models for interacting with counterparties. In the Federal Reserve’s primary dealer system, there are a limited number of participants. On the other hand, the European…

Brexit reaction by Bank of England brings UK in closer alignment to Europe but not in a good way

August 11, 2016

Richard Stinchfield

Bank of England, ECB, Europe, Interest rates, Short Term Interest Rate Benchmarks

Bank of England, Brexit, ECB, European Central Bank, Quantitative Easing, topstory

No Comments

On August 4th, the Bank of England (BoE) cut its key overnight rate by half to a new record low of 0.25%, lower even than directly in the wake of…

Why the Leverage Ratio doesn’t reduce risk, it just moves it around (Premium Content)

November 30, 2015

Josh Galper

Basel III, ECB, Regulatory, Risk Management

ECB, European Central Bank, Leverage Ratio, risk management, topstory

No Comments

The value of the Leverage Ratio has been proclaimed as a non-risk based measure that is supposed to capture all on and off-balance sheet liabilities of a bank. Together with…

Finadium: T2S, Collateral and Liquidity: Building a Strategy for Growth

May 14, 2015

Josh Galper

Collateral Management, Custodians, ECB, Europe, Liquidity Management

Agent Banks, collateral, Custodians, European Central Bank, Finadium, financial intermediaries, Liquidity, Payment Banks, T2S, topstory

No Comments

Collateral and liquidity management under TARGET2-Securities (T2S) is an emerging work stream that requires attention from market participants. Settlement mechanisms under T2S are now generally understood, including how settlement will…

Bloomberg: European government borrowing costs at record lows

February 12, 2015

Josh Galper

News and Notes

European borrowing costs, European Central Bank

No Comments

Europe’s Debt Investors Lap Up $19 Billion at Record-Low Yields (Bloomberg) — Borrowing costs for European governments tumbled to all-time lows in $19 billion of debt auctions across the continent…

Reuters: ECB trains its sights on banks' in-house risk models

November 19, 2014

Josh Galper

News and Notes

European Central Bank

No Comments

(Reuters) – The European Central Bank (ECB) plans to inspect the internal models that banks use to calculate their risks to ensure that these systems behave consistently, a senior policymaker…

The ECB’s stress tests: what got stressed and what do the results mean?

October 28, 2014

Josh Galper

ECB, Europe, Regulatory

European Central Bank, stress tests, topstory

No Comments

You’ve seen the headlines by now: the European Central Bank’s stress tests showed 25 banks out of 130 with insufficient capital, and 12 of those have already raised further assets. The…

Bloomberg: Cash Deposited at ECB Plunges as Negative Rate Starts

June 13, 2014

Josh Galper

News and Notes

European Central Bank

No Comments

Cash deposited overnight with the European Central Bank plunged to the lowest level since 2011 as a negative interest rate took effect. Euro-area banks parked 13.6 billion euros ($18.4 billion)…

November 30, 2011

Jonathan Cooper

Liquidity Management, Repo, Securities Lending, Systemic Risk, Tri-Party Repo

Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Finadium, FX Swaps, Repo, Securities Lending, Swiss National Bank, tri-party repo

No Comments

Today’s news of coordinated action by the major central banks to reduce the cost of FX swaps by 50bp and extending the program’s authorization until February, 2013 certainly captured the market’s…

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European Central Bank

Worried about negative US interest rates? Get smart on yield curve control (Premium)

ECB collateral adjustments help, but the EU must still take big moves on bank balance sheets (Premium)

The Euro project is also under attack from COVID-19 (Premium)

Decoding the ECB’s policy moves to combat coronavirus impacts (Premium)

The Eurosystem Collateral Management System (ECMS) and tri-party: good, bad or indifferent? (Premium)

When looking at bankers leaving London post-Brexit, it’s computers as much as headcount (Premium)

Finadium: Central Bank Tapering: Impacts for Liquidity and Collateral Markets

Who should be counterparties to central banks? (Premium)

Brexit reaction by Bank of England brings UK in closer alignment to Europe but not in a good way

Why the Leverage Ratio doesn’t reduce risk, it just moves it around (Premium Content)

Finadium: T2S, Collateral and Liquidity: Building a Strategy for Growth

Bloomberg: European government borrowing costs at record lows

Reuters: ECB trains its sights on banks' in-house risk models

The ECB’s stress tests: what got stressed and what do the results mean?

Bloomberg: Cash Deposited at ECB Plunges as Negative Rate Starts

Qualifying Securitisations: a kinder, better SIV?

ECB: March 2014 survey of credit terms, securities financing and OTC derivatives

Reuters: ECB will accept more ABS as collateral

A bullet dodged as banks repay LTRO early

Banks look for a Euribor and LIBOR alternative: our take on the latest developments

Thursday’s News: Fed and ECB actions impacting the securities finance markets

ECB freezes Greek bonds as collateral while ISDA may meet on CDSs: has the time finally come?

Central Bank actions on FX Swaps will bolster securities financing markets

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