Central banks
Repo facility preferred over discount window, SFOs say
Bank officers shun Fed lending facility amid persistent stigma
EC official ‘positive’ on launching NBFI repo facility
Isda AGM: EU may follow UK with contingent liquidity facility for periods of market stress
Societe Generale rejigs liquidity buffer towards sovereign bonds
Central bank cash at smallest share since before pandemic
Digital money and finance: a critical review of terminology
The authors put forward an etymology of key concepts and review key terminology and definitions within the sphere of decentralized finance to facilitate discussions about their merits and use cases/
Pension funds hesitate over BoE’s buy-side repo facility
Reduced leveraged and documentation ‘faff’ curb appetite for central bank’s gilt liquidity lifeline
SLR relief for Treasuries would lift median banks’ ratio by 57bp
Charles Schwab and Goldman Sachs set for biggest boost if Covid-era relief returns
The impact of divergence in communication tone on investors’ willingness to invest in eurozone small- to medium-sized enterprises
The authors analyze the tone of central bank communications and how this can impact investor readiness to invest in euro areas SMEs.
Corporates eye complex FX hedges as carry costs mount
Leveraged forwards and options-based structures entice treasurers facing rates uncertainty and FX volatility
2025 capital market expectations: slowing but not sinking
Monetary policy is the governor of the relationship between growth and inflation
Hedge fund of the year: Citadel
Risk Awards 2025: In a year without tall trees, Citadel’s forest of strategies thrived
Sovereign risk manager of the year: Côte d’Ivoire
Risk Awards 2025: Dual-tranche $2.6 billion deal enables African sovereign to refinance costly private loans and improve debt sustainability
Russian loan liquidation lifts RBI’s risk density
Cash parked at sanctioned central bank carries higher capital requirements than original loans
Functional consistency across retail central bank digital currency and commercial bank money
The authors discuss the ‘digital pound’ and how to ensure that retail CBDCs and commercial bank money have common operational characteristics and offer functional consistency.
Beware the macro elephant that could stomp on stocks
Macro risks have the potential to shake equities more than investors might be anticipating
Hedge fund surge in momentum EGB trading stirs unease
Dealers voice concerns that crowded positions could lead to liquidity squeezes following mass unwinds
Climate stress tests are cold comfort for banks
Flaws in regulators’ methodology for gauging financial impact of climate change undermine transition efforts, argues modelling expert
ECB official leaves door open to liquidity aid for non-banks
Risk Live: Deputy director doesn’t rule out copying UK plan to extend repo facility to pension funds and life insurers, but no imminent plans
Supervisors use generative AI to tame ‘chaotic’ data
Officials merge credit databases with unstructured reports to sharpen bank oversight, explains Banco de España ex-deputy
Financial industry adoption of distributed ledger technologies: implications for central bank money settlement
The authors investigate the Eurosystem's exploring of central bank money settlement through distributed ledger technology and look forward to potential next steps.
For US Treasury troubles, treat the cause not the symptom
Regulatory alarm about hidden risk in the Treasury futures market misses the point, fund association execs write
For the Fed discount window, destigmatisation starts at home
US supervisors must change tack to encourage central bank liquidity utilisation, writes Bill Nelson
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
How steepener trades burned hedge funds, and what happened next
Delays to central bank rate cuts torpedo popular trade, causing funds to pull capital – to the chagrin of sell-side desks
Reframing the Fed’s discount window
Funding window incentives and collateralised credit lines could transform bank liquidity in a crisis, argues Bill Nelson