INTRODUCTION This note presents a list of general principles and more specific policy recommendations for the creation of deep and liquid government securities markets, (partly based on the findings of the Study Group on Market Liquidity under the auspices of the Committee on the Global...

EXECUTIVE SUMMARY The purpose of this report is to enhance central banks’ understanding of the economic and monetary policy role of repo markets and the policy issues surrounding the development of sound and efficient repo markets. The report is divided into three chapters. The first chapter,...

INTRODUCTION AND SUMMARY Following its March 1999 meeting, the Committee on the Global Financial System formed a working group, chaired by Karen Johnson of the Board of Governors of the Federal Reserve System, to examine the events surrounding the market stresses in many international financial...

Executive Summary The Asian crisis highlighted deficiencies in the availability of information relating to the on and off-balance-sheet foreign currency activities of central banks and other public sector entities. This led the G-10 Governors to ask the Euro-currency Standing Committee to...

Foreword In recent years, both the Committee on Payment and Settlement Systems and the Euro-currency Standing Committee have published reports on the implications of the very rapid growth of over-the-counter (OTC) derivatives markets in terms of risks to banks and other counterparties to those...

Preface This volume contains papers produced for the Euro-currency Standing Committee in a joint effort by researchers at several central banks. The papers address measurement of market risk, market dynamics, market liquidity, and the role that information plays in determining market outcomes in...

The collection of comprehensive and reliable statistics on derivatives markets was advocated by central banks in October 1992, when the Governors of the central banks of the Group of Ten (G-10) countries released the report entitled "Recent Developments in International Interbank Relations" (the...

At the request of central-bank Governors of the Group of Ten countries a Study Group was established in early 1985 to examine recent innovations in, or affecting, the conduct of international banking. The Study Group carried out extensive discussions with international commercial and investment...