China wants a bigger seat at the global financial decision-making table and is pushing the IMF for quota and governance reforms. A bigger quota means more changes to financial flow will follow.
We've heard repo dealers confirm in both London and New York that they now see cooperation with their counterparties as a key requirement for the trading relationship. It's high time to call this a global trend.
At our Rates & Repo 2018 conference, the Capped Contingency Liquidity Facility (CCLF) was a hot topic. Maybe too hot. We're seeing a potential driver for market consolidation.
In the latest proposals to ease liquidity requirements for all but the largest banks, the second and third tier benefit from not having to carry extra balance sheet as a non-GSIB, which will help make the pontoons of the smaller banks a bit bigger.
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