Fed Liquidity Planning - Europe’s Primary Dealers – Banks+FinTechs

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This Week's Top Stories

Securities finance impacts from Japan’s recession, buy-side mergers and UMR collateral demand (Premium)

February 20 2020

Securities finance is often the tail that gets wagged by the big dogs of macroeconomics and industry decision making. We’re seeing three trends that market participants should watch out for as they impact securities lending, repo and collateral activities. Plus, we review a new database on bank wholesale funding exposures.

Banks seek fintech advantages amid evolving competitive landscape (Premium)

February 19 2020

Finadium has been following the ways in which incumbent banks are managing competitive pressures from bigtech firms, with fintech collaboration generally considered an important strategy. We attended a recent conference that provided a snapshot of how some of that’s unfolding, and we spoke with Citi TLV Accelerator’s head Haim Haviv.

Open market operations, QE or the discount window, it’s still large-scale Fed repo liquidity provision

February 18 2020

The semantics are papering over the fact that the Fed appears to be committed to supporting repo liquidity and behind that, massive US debt issuance. While still tinkering with adjusting balance sheet rules to give large UST holders more liquidity, the Fed appears to be playing to the optics of less liquidity provision while at the same time keeping the doors wide open.

European primary dealer decline and the problem of negative EU interest rates (Premium)

February 17 2020

An important note from AFME on the decline of European primary dealers has a range of knock-on effects for the markets. We are hearing reverberations of this while conducting research on European repo trading for an upcoming report.