Conclusion

Manmohan Singh

Some of the messages in this book have reached policymakers in Europe (ECB, Bank of England, Banque de France, European Commission, CPSS-IOSCO, FSB, etc), and in the US and Canada (CFTC, SEC, Board of Governors in Washington, DC, and Atlanta, Chicago and New York Feds, Bank of Canada, etc). Also, some financial circles in Australia and Asia Sydney, Singapore and Hong Kong have acknowledged the importance of collateral in global financial plumbing. Similarly, the collateral desks of some of the largest banks active in this market and key players in the non-bank sector (eg, global custodians like Euroclear, Clearstream, BoNY) also appreciate this line of research.

Lately, dissertations from MIT, Stanford etc, suggest academic interest to provide the macro-underpinning (or theory) to financial plumbing.

Over the past few years, the author has also had several opportunities to gain valuable feedback from presentations made to both the official and private sectors. The book has attempted to highlight an aspect of finance that existed but one that no one cared to explain thus far.

We hope the material has helped readers to think beyond money (such as broad money metrics like M2).

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