Summary Over the years, the Committee on the Global Financial System has been the designated central bank oversight body for the BIS international banking statistics. A guiding presumption of the Committee is that the statistics should be updated from time to time so as to ensure that they...

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...

Executive summary Foreign participation in the financial sectors of emerging market economies (EMEs) increased rapidly during the 1990s. It has continued to expand so far in this decade, on balance – although its pace fell somewhat following problems in Argentina in 2002 and the global...

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...

Introduction In May 2003, the Committee on the Global Financial System (CGFS) decided to establish a Working Group on Ratings in Structured Finance to explore the role of rating agencies in the rapidly evolving markets for structured finance instruments. To facilitate a better understanding of...

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,...

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...

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...

Introduction In May 2004, the Committee on the Global Financial System (CGFS) initiated an exercise on stress tests undertaken by banks and securities firms. The exercise had two main aims. The first was to conduct a review of what financial institutions perceived to be the main risk scenarios...

The papers in this volume analyse recent changes in the world's major fixed income markets. The introduction of the euro, structural changes in governments' fiscal positions, traumatic events such as the global financial market crisis of 1998, and advances in the technology of trading platforms...