Global liquidity has become a key focus of international policy debates over recent years. This reflects the view that global liquidity and its drivers are of major importance for international financial stability. The concept of global liquidity, however continues to be used in a variety of...

ABSTRACT This report is the result of a coordinated research effort by the central banks of Canada, Italy, Japan, the United Kingdom and the United States and the Bank for International Settlements on the determinants of market liquidity and on how central banks and other public authorities...

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...

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...

Introduction In March 2004, the Committee on the Global Financial System (CGFS) published a report entitled Foreign direct investment in the financial sector of emerging market economies (the Cumming Report). The report discusses how the surge in financial sector foreign direct investment...

Executive Summary The activities of large, internationally active financial institutions have grown increasingly complex and diverse in recent years. This increasing complexity has necessarily been accompanied by a process of innovation in how these institutions measure and monitor their...

Executive summary The institutional asset management industry has become an important feature of modern financial markets, with the scale of this business's importance readily apparent from the size of assets under management by different types of institutional asset managers. With asset...

Preface The Committee on the Global Financial System (CGFS), known until 1999 as the Euro-Currency Standing Committee, serves as a discussion forum for the central bank community on financial stability questions. The CGFS has frequently been asked to examine the potential implications of...

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...

Executive summary Purpose of study The use of collateral has become one of the most important and widespread risk mitigation techniques in wholesale financial markets. Financial institutions extensively employ collateral in lending, in securities trading and derivatives markets and in payment...