Collateral Markets and Financial Plumbing (3rd Edition)
First published:
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Conclusion
Conclusion
Foreword
Introduction
Collateral in Financial Plumbing
Collateral Velocity
Leverage in the Financial System
Quantitative Easing and the IS/LM Framework
Money, Collateral and Safe Assets
“Reverse” Monetary Policy Transmission
Central Bank Balance Sheet Policies and Emerging Markets
The Collateral Custodians
The Changing Collateral Space
Collateral in the OTC Derivatives Market
CCP Resolution Remains Unresolved
The Sovereign–Bank Nexus via OTC Derivatives
Privacy Provision, Payment Latency and the Role of Collateral
Conclusion
Annex: Chapter 2
Annex: Chapter 7
This book provides persuasive economic reasoning to mull over and better understand the forthcoming changes that will straddle most of the themes: a full(er) picture of leverage in the financial system, dealer balance sheet constraints, large central bank balance sheets, risk in OTC derivatives, CCP resolution, forthcoming changes in payment systems and money aggregates via Fintech, and rethinking traditional textbook models such as IS/LM.
Some of the messages in this book have already 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, Seoul, Tokyo, and Hong Kong – have acknowledged the importance of collateral in global financial plumbing. More importantly, the collateral desks of some of the largest banks active in this market, hedge funds, and other key players in the non-bank sector (eg, global custodians like Euroclear, Clearstream, BoNY) also appreciate this line of research.
The book has attempted
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