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Who pays? CCP resource provision in the post-Pittsburgh world

Cruz Lopez, Jorge; Manning, Mark - 2017

At the Pittsburgh Summit in 2009, G20 countries announced their commitment to clear all standardized over-the-counter (OTC) derivatives through central counterparties (CCPs). Since then, CCPs have become increasingly important and there has been an extensive program of regulatory enhancements to...

Persistent link: https://www.econbiz.de/10012029813

Government of Canada securities in the cash, repo and securities lending markets

Bulusu, Narayan; Gungor, Sermin - 2018

clientele effects may be key to producing the patterns of trade exhibited by bonds of different maturities. …

Persistent link: https://www.econbiz.de/10012029817

A primer on the Canadian bankers' acceptance market

McRae, Kaetlynd; Auger, Danny - 2018

This paper discusses how the bankers' acceptance (BA) market in Canada is organized and its essential link to the Canadian Dollar Offered Rate (CDOR). Globally, BAs are a niche product used only in a limited number of jurisdictions. In Canada, BAs provide a key source of funding for small and...

Persistent link: https://www.econbiz.de/10012029819

Assessing the impact of demand shocks on the US term premium

Barnett, Russell; Zmitrowicz, Konrad - 2018

exogenous demand shocks for 10-year US Treasury bonds to assess their impact on the term premium. Our results show that official …

Persistent link: https://www.econbiz.de/10012029820

Government of Canada fixed-income market ecology

Berger-Soucy, Léanne; Garriott, Corey; Usche, André - 2018

This discussion paper is the third in the Financial Markets Department's series on the structure of Canadian financial markets. These papers are called "ecologies" because they study the interactions among market participants, infrastructures, regulations and the terms of the traded contract...

Persistent link: https://www.econbiz.de/10012029823

Alternative futures for government of Canada debt management

Garriott, Corey; Lefebvre, Sophie; Nolin, Guillaume; … - 2018

increasing the demand for government bonds and thus lowering their cost at issuance. The first two ideas would improve liquidity … outstanding bonds. The second two ideas would simplify the set of securities issued by the government, concentrating issuance in a … smaller set of bonds that would each be more highly traded. We discuss the ideas and give an account of the political, legal …

Persistent link: https://www.econbiz.de/10012029828

Non-bank financial intermediation in Canada: An update

Bédard-Pagé, Guillaume - 2019

Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not...

Persistent link: https://www.econbiz.de/10012029833

Financial distress and hedging: Evidence from Canadian oil firms

Mo, Kun; Suvankulov, Farrukh; Griffiths, Sophie - 2019

The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms. Specifically, we argue that the expected costs of financial distress have been associated with the hedging behaviour for Canadian oil firms between 2005 and 2015. We use...

Persistent link: https://www.econbiz.de/10012029835

What explains month-end funding pressure in Canada?

Sutherland, Christopher S. - 2017

The Canadian overnight repo market persistently shows signs of latent funding pressure around month-end periods. Both the overnight repo rate and Bank of Canada liquidity provision tend to rise in these windows. This paper proposes three non-mutually exclusive hypotheses to explain this...

Persistent link: https://www.econbiz.de/10012029839

Supporting the transition to net-zero emissions: The evolving role of central banks

McGuinness, Karen - 2023

While climate change was largely tackled by government policies in the past, central banks are increasingly grappling with the risks climate change poses. They are evaluating their operational policies to reflect these risks and the transition to a net-zero economy. This paper explores the...

Persistent link: https://www.econbiz.de/10014541724