Two BofE speeches on leveraged investors and liquidity chains in market-based finance

The impact of leveraged investors on market liquidity and financial stability
Speech given by
Sir Jon Cunliffe, Deputy Governor Financial Stability, Member of the Financial Policy Committee, Member of the Monetary Policy Committee and Member of the Prudential Regulation Committee
Managed Funds Association Global Summit 2020 12 November 2020

Cunliffe provides data on hedge fund repo and leverage exposure.

The Dash for Cash and the Liquidity Multiplier: Lessons from March 2020
Speech given by
Anil Kashyap, External member of the Financial Policy Committee
London Business School, AQR Asset Management Institute Virtual Summit 17 November 2020

Kashyap looks at how the chains of entities that exist in the market-based finance system can contribute to problems during periods of stress. He says this was the case in March this year.

He focuses on the funding flows and linkages between different parts of the system – securities and derivatives dealers, asset managers, pension funds, insurers, and a wide range of investment funds and money market funds.

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