Post-crisis rules roil US cross-currency basis – IMF

EU leverage ratio causes basis spikes at quarter-ends

Banking reforms brought in after the financial crisis have made it more expensive for non-US banks to access dollar funding via derivatives, especially at quarter-end, analysis by the International Monetary Fund (IMF) shows.

Data compiled by the organisation shows the dollar cross-currency basis – the difference in the cost of borrowing dollars through the cash markets and through swapping a different currency into dollars using derivatives – spiking dramatically near the end of March, June

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