markets. The implicit international contract is analogous to a total return swap in domestic financial markets. Using market …

) implemented measures to provide US dollar liquidity by reinforcing swap arrangements with five major central banks, reactivating … dollar liquidity lines through the swap arrangements and the new repo facility. Access to dollar liquidity also reflects …

including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer …

currency swaps with European central banks, to facilitate dollar funding for financial institutions in Europe. The initial swap … National Bank (SNB). After the collapse of Lehman Brothers, a major US investment bank, in September 2008, the Fed added swap … to the ECB, SNB, Bank of England (BoE), and Bank of Japan (BoJ). The Fed’s dollar liquidity swap lines were in use almost …

. In response, on March 15, 2020, the Federal Reserve announced enhanced terms for its standing, uncapped dollar swap lines … swap (OIS) rate plus 25 bps and made available swaps of 84-day maturities in addition to the existing schedule of seven …-day maturities. On March 19, 2020, the Fed established temporary, capped dollar swap lines with nine other central banks: the Banco …