‘The nature of stress propagation has changed’

Leverage begets leverage, says BIS research chief Hyun Song Shin

Hyun Song Shin, head of research at the Bank for International Settlements, spends much of his time thinking about why market crises happened and how similar events might unfold in future. Recent history has provided him with plenty of fresh material.

The seizing-up of trading in US Treasuries in March 2020 – the so-called dash for cash – presented policy-makers with a model case of how strains can spread in markets where hedge funds and high-frequency traders play a more dominant part. In the

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