Central Bank collateral frameworks before and during the crisis
|
|
- Posy Hall
- 6 years ago
- Views:
Transcription
1 Central Bank collateral frameworks before and during the crisis The case of the Federal Reserve Central banking, liquidity crises and financial stability lecture Mai 20 th, 2011 Presentation by 1
2 Goals of the Collateral framework Keep control over the monetary base and the size of the balance sheet Manage the portfolio to minimise risks while providing liquidity Mitigate the impact of collateral eligibility on asset prices: Rate depends on the type of collateral Collateral accepted: government securities and quasigovernment securities (are in ample supply) Size of operations generally smaller than ECB 2
3 What explains the choice of the collateral framework? Liquidity of the capital markets: very high in normal times in the US Structure of the banking system: highly concentrated in the US Preferences of the central bank: focus on market neutrality Legal constraints: Regulated in the Federal Reserve Act (FRA) 3
4 Two types of liquidity provision by the Federal Reserve Purpose Conducted by Counterparties Collateral Temporary Open Market Operations Monetary policy implementation FOMC (Federal Open Market Committee) / Federal Reserve bank of New York Currently 20 primary dealers 1 theoretically open to all types of institutions Mainly government securities Primary Credit Facility Lender of last resort Board of governers Around 7,000 banks Wide range possible
5 Eligibility criteria for collateral Type of assets Isuer residence Credit standards Currency Temporary Open Market Operations Treasury securities Government agency securities ABS if guaranteed by an agency Domestic N/A USD Primary Credit Facility Securities by (also local) government, banks, corporate, supranational issuers ABS Consumer loans, Domestic and foreign Mimimum BBB, but AAA for some complex assets Major currencies 5
6 Some examples of haircuts applied 6
7 Source: Alexandre Chailloux, Simon Gray and Rebecca McCaughrin (2008): 7
8 The financial crisis led to changes in the collateral framework Commercial banks need for liquidity increased. at the same time, the quality of their assets decreased Implementation of several collateralized lending frameworks broaden the narrow operational framework Increase number of counterparties Increase types of counterparties Increase types of collateral accepted 8
9 Evolution of events and lending against collateral Beginning stresses in interbank market Bear Stears is bought by JP Morgan Chase Lehman Brothers collapse Federal Funds rate at % Aug 07 Dec 07 Mar 08 Sep 08 Oct 08 Nov Dec 08 Feb 10 Term Discount Window Program Term Auction Facility (TAF) Primary Dealer Credit Facility Term Securities Lending facility AMLF CPFF MMIFF TALF End of Programs Measures for interbank markets Measures for other markets 9
10 Term Auction Facilitiy (TAF) Created: December 2007 Only for depository institutions (not primary dealers) Collateral: discount window collateral For 28 or 84 days 10
11 Primary Dealer Credit Facility Created: March 2008 For primary dealers Standing facility, overnight Collateral: broad range of highly marketable securities Collateral expanded in September
12 Term Securities Lending Facility Created: March 2008 For primary dealers Offered every month, for a month Collateral: US treasuries, agency MBS and investment grad debt securities Collateral expanded in September
13 Facilities to support functioning of individual Markets Asset-backed commercial paper money market mutual fund lending facility (AMLF) Created Sep Collateral: first-tier ABCP Commercial paper funding facility (CPFF) Created Oct. 2008, for eligible commercial paper isssuers Collateral: newly issued 3-month commercial papers Money market investor funding facility (MMIFF) Created Oct. 2008, for money market mutual funds etc. Collateral: deposit certificates, bank notes, highly rated CP 13
14 Term Asset-Backed Securities Lending Facility (TALF) Created: Nov For all U.S. persons that own eligible collateral Collateral: recently issued ABS and Commercial mortgage backed securites (CMBS), AAA rated and in USD 3-5 year loan 14
15 Collateral pledged to Federal Reserve Lending Facilities Source: Cheun, Köppen-Mertes and Weller (2009): 15
16 Sources Alexandre Chailloux, Simon Gray and Rebecca McCaughrin (2008): Central Bank Collateral Frameworks: Principles and Policies. IMF Working Paper Samuel Cheun, Isabel von Köppen-Mertes and Benedict Weller (2009): The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil. ECB Occasional Paper Series ECB Monthly Bulletin (October 2007): The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem. ECB Federal Reserve Discount Window Federal Reserve Collateral Guidelines:
17 Appendix: Current list of primary dealers BNP Paribas Securities Corp. Barclays Capital Inc. Cantor Fitzgerald & Co. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Daiwa Capital Markets America Inc. Deutsche Bank Securities Inc. Goldman, Sachs & Co. HSBC Securities (USA) Inc. Jefferies & Company, Inc. J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated MF Global Inc. Mizuho Securities USA Inc. Morgan Stanley & Co. Incorporated Nomura Securities International, Inc. RBC Capital Markets, LLC RBS Securities Inc. SG Americas Securities, LLC UBS Securities LLC. 17 Source:
The Best Way to Invest With Multiple Brokers
The Best Way to Invest With Multiple Brokers Presented by: Tracy Marcus Managing Director Fixed Income Sales November 2017 Ramirez & Co., Inc. 61 Broadway, 29th Floor New York, NY 10006 (800) 888-4086
More informationSecurities Lending Presentation. State Universities Retirement System of Illinois
Securities Lending Presentation State Universities Retirement System of Illinois October 23, 2008 Table of Contents Table of Contents Pages Executive Summary 2 Market Update 3 6 Cash Collateral 7-10 Revenue
More informationThe Other Bailout: How the Fed is Financing the Financiers, and Related SEC Disclosure Mark S. Nelson, J.D. CCH Writer Analyst
The Other Bailout: How the Fed is Financing the Financiers, and Related SEC Disclosure Mark S. Nelson, J.D. CCH Writer Analyst 2 Introduction The legislative response to the ongoing economic crisis took
More informationTransparency in the U.S. Repo Market
Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal
More informationInternational Bank for Reconstruction and Development
Final Terms dated January 13, 2014 International Bank for Reconstruction and Development Issue of US$4,000,000,000 1.875 per cent. Fixed Rate Notes due March 15, 2019 under the Global Debt Issuance Facility
More informationfile://n:\iwm BACKUP\Joyce\TAICHUNG\MCD Final term.htm
Page 1 of 6 CALCULATION OF REGISTRATION FEE Maximum Aggregate Amount of Registration Fee(1) Title of Each Class of Securities to be Registered Offering Price (2) Debt Securities (2.625% Medium-Term Notes
More informationSolvency, systemic risk and moral hazard: Where does the central bank s role begin and where does it end? Lorenzo Bini Smaghi
Solvency, systemic risk and moral hazard: Where does the central bank s role begin and where does it end? Lorenzo Bini Smaghi Executive Board member of the European Central Bank Conference The ECB and
More informationThe year 2008 marked a watershed for
Financial Turmoil and the Economy Economic Research Economic Research, the other areas contributing to this report, and the Legal department are part of an interdepartmental committee the Federal Reserve
More informationLecture 5. Notes on the Current Crisis
Lecture 5 Notes on the Current Crisis Mark Gertler NYU June 29 .4 Real GDP growth.3.2.1.1.2.3 1975 198 1985 199 1995 2 25 18 16 core inflation federal funds rate 14 12 1 8 6 4 2 1975 198 1985 199 1995
More informationFinancial Highlights
November 17, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Consumer Credit Consumer Credit: Revolving and Nonrevolving 2 ABS Yields and Issuance 3 Corporate Bonds Yield Spreads and Bond Issuance
More informationFinancial Highlights
January 6, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Mortgage Backed Securities Issuance and Spreads 3 CMBS TALF Operations 4 Broad Financial
More informationState Street Global Advisors ERISA 408(B)(2) REGULATORY REPORTING REQUIREMENT
Fiduciary Status Custody s include: (i) custody services provided to SSgA commingled funds; includes country custody charges and transaction charges; (ii) overdraft funding, and (iii) holding of un-invested
More informationUnconventional Monetary Policy Tools. Michelle Gleeck Patrick Higgins Barry Kelly Cian McDonnell
Unconventional Monetary Policy Tools Michelle Gleeck Patrick Higgins Barry Kelly Cian McDonnell INTRO Quantitive Easing or Credit Easing Conventional tools include: 1) Open Market Operations 2) The Discount
More informationSIX YEARS ON: IS THERE AN ALTERNATIVE TO BAIL-OUT?
SIX YEARS ON: IS THERE AN ALTERNATIVE TO BAIL-OUT? L. Randall Wray Levy Economics Institute and University of Missouri - Kansas City www.levy.org; www.cfeps.org; wrayr@umkc.edu *Report of a Research Project
More informationQ Supplemental Materials. April 27, 2017
Q1 2017 Supplemental Materials April 27, 2017 Disclaimers FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements and information. Statements that are not historical facts, including
More informationShadow Maturity Transformation and Systemic Risk. Sandra Krieger Executive Vice President and Chief Risk Officer, Federal Reserve Bank of New York
Shadow Maturity Transformation and Systemic Risk Sandra Krieger Executive Vice President and Chief Risk Officer, Federal Reserve Bank of New York 8 March 2011 Overview of discussion What is shadow bank
More informationCredit and Liquidity Programs and the Balance Sheet
July 2009 Federal Reserve System Monthly Report on Credit and Liquidity Programs and the Balance Sheet Board of Governors of the Federal Reserve System 1 Purpose The Federal Reserve prepares this monthly
More informationMarch 17 18, 2009 Authorized for Public Release. Appendix 1: Materials used by Ms. Mosser
March 17 18, 29 Authorized for Public Release 222 of 266 Appendix 1: Materials used by Ms. Mosser 11 March 17 18, 29 Authorized for Public Release 223 of 266 Index to 1=8/1/8 (1) Global Equities August
More informationPursuing the Development of a Central Clearing Infrastructure for CDSs
Pursuing the Development of a Central Clearing Infrastructure for CDSs Takeshi Hirano Head, Strategic Planning, Clearing & Settlement Tokyo Stock Exchange, Inc. This information has been written according
More informationOch-Ziff Management Europe Limited Annual RTS 28 Best Execution Disclosures Oz Management
Best Execution Obligation: Och-Ziff Management Europe Limited (the Firm ) is a member of the Och-Ziff Capital Management Group (the Group ) and acts as a sub-investment manager to a number of the Group
More informationWritten Testimony of Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston
Written Testimony of Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston Field hearing of the Committee on Financial Services of the U.S. House of Representatives: Seeking
More informationFinancial Highlights
November 3, 21 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 ABX and CMBX 4 Mortgage Rates 5 Broad Financial
More informationRepublic of Ecuador Senior Unsecured CDS. Credit Event Auction Summary
Republic of Ecuador Senior Unsecured CDS Credit Event Auction Summary January 14, 2009 Credit Event Auction Summary - Republic of Ecuador Reference Data Republic of Ecuador Final Price 31.375 Auction Date
More informationReport to the Finance Committee Review of Variable Rate Debt. MTA Finance Department Patrick J. McCoy, Director April 24, 2017
Report to the Finance Committee Review of Variable Rate Debt MTA Finance Department Patrick J. McCoy, Director April 24, 2017 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest
More informationMonetary Policy Tools in an Environment of Low Interest Rates James Bullard
Monetary Policy Tools in an Environment of Low Interest Rates James Bullard President and CEO CFA Society of St. Louis February 5, 2009 The Economy Today A sharp recession. Declining output during 2008
More informationQueensland Treasury Corporation
QTC - 45 Queensland Treasury Corporation ROLE Founded in 1988, Queensland Treasury Corporation (QTC) is a corporation sole, constituted by the Under Treasurer in accordance with the Queensland Treasury
More informationGLOBAL CAPITAL MARKETS LEAGUE TABLES
GLOBAL CAPITAL MARKETS LEAGUE TABLES First 3Q 2016 First 3Q 2016 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across
More informationTop 5 Execution Venues and Top 5 Brokers Report by Credit Suisse Asset Management (Switzerland) Ltd.
Top 5 Execution Venues and Top 5 Brokers Report by Credit Suisse Asset Management (Switzerland) Ltd. Version 1.0 Last updated: 25.04.2018 1 All rights reserved Credit Suisse Asset Management (Switzerland)
More informationCentral banks as lenders of last resort: experiences during the crisis and lessons for the future 1
Central banks as lenders of last resort: experiences during the 2007 10 crisis and lessons for the future 1 Dietrich Domanski, 2 Richhild Moessner 3 and William Nelson 4 Abstract During the 2007 10 financial
More informationGlobal Securities Lending Business and Market Update
NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE Global Securities Lending Business and Market Update Michael A. Vardas, CFA Managing Director Quantitative Management and
More informationFORM 5500 (SCHEDULE C) INFORMATION
PGIM INVESTMENTS, A PGIM BUSINESS MUTUAL FUNDS EIN: 22-3468527 FORM 5500 (SCHEDULE C) INFORMATION - 2016 ELIGIBLE INDIRECT COMPENSATION DISCLOSURE Prudential Investments Mutual Funds TARGET Mutual Funds
More informationDeutsche Bank Roadshow Dr. Josef Ackermann
Deutsche Bank Roadshow Dr. Josef Ackermann Chief Executive Officer Paris / London / Zürich, 10 14 September 2007 Agenda 1 Putting recent market dislocations into context 2 1H2007 performance 3 Strengthened
More informationUnderstanding the Policy Response to the Financial Crisis. Macroeconomic Theory Honors EC 204
Understanding the Policy Response to the Financial Crisis Macroeconomic Theory Honors EC 204 Key Problems in the Crisis Bank Solvency Declining home prices and rising mortgage defaults put banks in danger
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES FY 2015 FY 2015 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More informationLiquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research
Liquidity Monitor 1 August 20 Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research 60 50 40 30 20 10 0 The Fed remains committed to shoring up liquidity in the market Daily
More informationTARP, TALF, TGLP Help!!! Ever since
The Alphabet Soup of the Financial System Bailout By Carol Hempfling Pratt A glossary of programs administered by the Treasury, the FDIC and the Federal Reserve. TARP, TALF, TGLP Help!!! Ever since Congress
More informationAn Exit Rule for Monetary Policy. John B. Taylor * Stanford University. February Abstract
An Exit Rule for Monetary Policy John B. Taylor * Stanford University February 2010 Abstract A simple exit rule from the extraordinary measures taken by the Federal Reserve in the past two years is proposed.
More informationINVESTMENT BANKING AND CAPITAL MARKETS THE BOSTON CONSULTING GROUP
INVESTMENT BANKING AND CAPITAL MARKETS Market Report Fourth Quarter 23 Edition New York, Frankfurt March 2, 24 THE BOSTON CONSULTING GROUP TABLE OF CONTENTS Chapter Page Global Investment-Banking Outlook
More informationThe Financial Crisis. Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid
The Financial Crisis Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid Disclaimer These views are mine and not necessarily those of the Federal Reserve Bank of Atlanta or
More informationThe Volcker Rule restrictions on proprietary trading Implications for the US corporate bond market
The Volcker Rule restrictions on proprietary trading Implications for the US corporate bond market December 2011 FINANCIAL SERVICES The Volcker Rule restrictions on proprietary trading Implications for
More informationJulie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
More informationAn Exit Rule for Monetary Policy. John B. Taylor * Testimony before the Committee on Financial Services U.S. House of Representatives.
An Exit Rule for Monetary Policy John B. Taylor * Testimony before the Committee on Financial Services U.S. House of Representatives March 25, 2010 Thank you Chairman Frank, Ranking Member Bachus, and
More informationPooled. Pooled Money Investment Board
Pooled Pooled Money Investment Board Board Report as of September 30, 2015 Prepared by the PMIB Staff Scott Miller, Director of Investments Kevin Hornung, MIP Administrator Karen Stattelman, Accounting
More informationConsolidated Results of Operations (US GAAP)
Consolidated Results of Operations (US GAAP) Fourth quarter, year ended March 29 Nomura Holdings, Inc. April 29 1 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 29 Nomura Holdings,
More informationReport on the Management of Canada s Official International Reserves
Report on the Management of Canada s Official International Reserves 2003 Report on the Management of Canada s Official International Reserves 2003 Department of Finance Canada Ministère des Finances Canada
More informationGuidelines for public debt management
Guidelines for public debt management 2005 1 Guidelines for Public Debt Management 2005 Introduction The Italian public debt is comprised 95% by liabilities of the Central Government, with the remaining
More informationPRICING SUPPLEMENT AND SUPPLEMENTAL PROSPECTUS. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Global Debt Issuance Facility. No.
PRICING SUPPLEMENT AND SUPPLEMENTAL PROSPECTUS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Global Debt Issuance Facility No. 892 U.S. $3,000,000,000 4.75% Global Notes due April 30, 2004 JPMORGAN
More informationStandardisation of MiFIR Post Trade Transparency and Transaction Reporting for FX Vanilla Options
GFMA Global FX Division Standardisation of MiFIR Post Trade Transparency and Transaction Reporting for FX Vanilla Options Regulation (EU) No 600/2014 MiFIR Article 10: Post-Trade Transparency Requirements
More informationImplementation and Transmission of Monetary Policy
The Federal Reserve in the 21 st Century Implementation and Transmission of Monetary Policy Argia M. Sbordone, Vice President Research and Statistics Group March 21, 2016 The views expressed in this presentation
More informationBailout Tally Report
Supplemental Analysis for It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street by Nomi Prins (John Wiley & Sons, 2009) Bailout Tally Report by Nomi Prins
More informationPRICING SUPPLEMENT AND SUPPLEMENTAL PROSPECTUS. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Global Debt Issuance Facility. No.
PRICING SUPPLEMENT AND SUPPLEMENTAL PROSPECTUS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Global Debt Issuance Facility No. 884 U.S. $3,500,000,000 5% Global Notes due March 28, 2006 HSBC MORGAN
More informationFinancial Highlights
February 10, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Paper Issuance 3 Spreads over Treasuries 3 Broad Financial Market Indicators LIBOR Spreads
More informationThe Financial Crisis. Yale. Marinus van Reymerswaele, 1567
The Financial Crisis Gary Gorton Yale Marinus van Reymerswaele, 1567 What is the crisis? What you saw: firms fail, get acquired, or get bailed out (Lehman Brothers, Bear Stearns, Merrill Lynch, AIG); people
More informationEconomists Views: New Playbook for a Financial Crisis 1
21 October 2008 Economists Views: New Playbook for a Financial Crisis 1 By Elaine Buckberg and Ronald I. Miller 2 The government and Federal Reserve have continued to write policy at an unprecedented rate
More informationQ Supplemental Materials. July 27, 2018
8 Q2 2018 Supplemental Materials July 27, 2018 Disclaimers Forward-Looking Information This presentation contains forward-looking statements and information. Statements that are not historical facts, including
More informationImplementation and Transmission of Monetary Policy
The Federal Reserve in the 21 st Century Implementation and Transmission of Monetary Policy Argia M. Sbordone, Vice President Research and Statistics Group March 27, 2017 The views expressed in this presentation
More informationReport to the Finance Committee Review of Variable Rate Debt
Report to the Finance Committee Review of Variable Rate Debt April 22, 2013 MTA 0 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest possible interest cost on its debt and
More informationAn Update on Economic Conditions. January 5, 2010
An Update on Economic Conditions Raymond Owens January 5, 21 Real Gross Domestic Product 8 7 6 5 4 Percent change from previous quarter at annual rate 3 Q3 2.2% 2 1-1 -2-3 -4-5 -6-7 21 22 23 24 25 26 27
More informationHow did Monetary Policy Implementation Change with the Financial Crisis?
How did Monetary Policy Implementation Change with the Financial Crisis? John McGowan Assistant Vice President Money Markets, Markets Group, FRBNY September 28, 2015 Internal FR I. FRS Mandate and Pre-
More informationSystemic Risks in Repo Markets
Systemic Risks in Repo Markets Somnath Chatterjee CCBS, Bank of England 8, November 2013 Outline Repo markets introduction Pro-cyclicality Role of Collateral UK banks aggregate repo activity Margin flows
More informationChapter Six. Bond Markets. McGraw-Hill /Irwin. Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Six Bond Markets Overview of the Bond Markets A bond is is a promise to make periodic coupon payments and to repay principal at maturity; breech of this promise is is an event of default carry
More informationThe G20-FSB Post-Crisis Regulatory Reform Agenda: Implications for Hong Kong
The G20-FSB Post-Crisis Regulatory Reform Agenda: Implications for Hong Kong Professor Douglas W. Arner Head, Department of Law University of Hong Kong Douglas.Arner@hku.hk G20 Financial Regulatory Reform
More informationNEWTON ORDER EXECUTION POLICY
NEWTON ORDER EXECUTION POLICY Version 1.7 December 2017 Effective 3 January 2018 CONTENTS I. Purpose and scope II. Exclusions III. How will orders be executed for the client? IV. Best execution obligation
More informationFinancial Highlights
November 16, 2011 Financial Highlights Federal Reserve Balance Sheet 1 Europe European Bond Spreads 2 Mortgage Markets Mortgage Rates 3 Mortgage Applications Consumer Credit Revolving and Nonrevolving
More information$4,000,000,000. Freddie Mac. GLOBAL DEBT FACILITY 3.50% Fixed Rate Notes Due September 15, 2007
PRICING SUPPLEMENT DATED September 12, 2002 (to the Offering Circular Dated April 5, 2002) $4,000,000,000 Freddie Mac GLOBAL DEBT FACILITY 3.50% Fixed Rate Notes Due September 15, 2007 Reference Notes
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES FY 2017 FULL YEAR 2017 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad
More informationA Brief Introduction to Securitization & Its Application in the Global Capital Markets
Securitization Colloquium Kellogg Graduate School of Management A Brief Introduction to Securitization & Its Application in the Global Capital Markets Financial Markets S. Sean Chen, Executive Director
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES H1 2017 H1 2017 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More informationCredit Suisse Financial Services Conference. Jeffrey M. Peek, Chairman & CEO February 2009
Credit Suisse Financial Services Conference Jeffrey M. Peek, Chairman & CEO February 2009 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable
More informationEnhanced Disclosure Task Force 2015 Progress Report Appendix 4: Leading Practice Examples of EDTF Recommendations. October 2015
Enhanced Disclosure Task Force 2015 Progress Report Appendix 4: Leading Practice Examples of EDTF Recommendations October 2015 1 Table of Contents Page 1 General recommendations 4 2 Risk governance and
More informationEconomicLetter. Insights from the. TALF: Jump-Starting the Securitization Markets. Federal Reserve Bank of Dallas
Vol. 4, No. 6 AUGUST 29 EconomicLetter Insights from the TALF: Jump-Starting the Securitization Markets by Kenneth J. Robinson Securitization was a major source of credit to the economy, and its resurgence
More informationD. E. Shaw & Co. (London), LLP Annual Summary of Execution Arrangements
D. E. Shaw & Co. (London), LLP Annual Summary of Execution Arrangements 30 April 2018 Introduction D. E. Shaw & Co. (London), LLP (the Partnership ) is a member of the D. E. Shaw group, a global investment
More information1 U.S. Subprime Crisis
U.S. Subprime Crisis 1 Outline 2 Where are we? How did we get here? Government measures to stop the crisis Have government measures work? What alternatives do we have? Where are we? 3 Worst postwar U.S.
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More informationReference REMIC SM Securities. A Mortgage-Backed Securities Investment Innovation Offered by Freddie Mac. October 2005
Reference REMIC SM Securities A Mortgage-Backed Securities Investment Innovation Offered by Freddie Mac October 2005 Safe Harbor Statements Freddie Mac obligations Freddie Mac s securities are obligations
More informationWho Gave It. How They Got It. It Takes A Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street
Bailout and Subsidization Type Report by Nomi Prins and Krisztina Ugrin May 5, 2010 Supplemental Analysis for It Takes A Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall
More informationCounterparty Credit Risk Management in the US Over-the-Counter (OTC) Derivatives Markets, Part II
November 2011 Counterparty Credit Risk Management in the US Over-the-Counter (OTC) Derivatives Markets, Part II A Review of Monoline Exposures Introduction This past August, ISDA published a short paper
More informationTSX and TSXV A Capital Opportunity. Disclaimer. Prepared for: 2010 ACA Summit Date: May 6, 2010 Location: San Francisco, CA
TSX and TSXV A Capital Opportunity Prepared for: 2010 ACA Summit Date: May 6, 2010 Location: San Francisco, CA Disclaimer This document is for information purposes only and is not an invitation to purchase
More informationIs The US Treasury Market Rigged? Some Say Yes
Is The US Treasury Market Rigged? Some Say Yes January 14, 2015 by Gary Halbert of Halbert Wealth Management IN THIS ISSUE: 1. The Largest Market in the World is Unregulated 2. Why the Treasury Market
More informationTHE NEW ERA OF GLOBAL BANK RELATIONSHIP MANAGEMENT
THE NEW ERA OF GLOBAL BANK RELATIONSHIP MANAGEMENT James Gilligan, CTP, FP&A Great Plains Energy, Inc. (Kansas City) Stephan Ireland -- Redbridge Debt & Treasury Advisory (Houston) Every component of the
More informationThe Private-Money View of Financial Crises. Gary Gorton, Yale and NBER
The Private-Money View of Financial Crises Gary Gorton, Yale and NBER Financial Crises Doug Diamond: Financial crises are everywhere and always due to problems of short-term debt (and to the reasons why
More informationMREL & TLAC A Market Perspective WORLD BANK CONFERENCE, VIENNA 12/13 DECEMBER 2016 FINSAC WORKSHOP ON BAIL-IN AND MREL
MREL & TLAC A Market Perspective WORLD BANK CONFERENCE, VIENNA 1/1 DECEMBER 16 FINSAC WORKSHOP ON BAIL-IN AND MREL Resolution Framework Key Success Factors from a Market Perspective A successful resolution
More informationThe Sub Prime Debacle and Financial Turmoil
The Sub Prime Debacle and Financial Turmoil Presented at the 13th Finsia and Melbourne Centre for Financial Studies Banking and Finance Conference Monday 29th and Tuesday 30th September, 2008 The University
More informationThe Scream - Edvard Munch 1893 Current Market Update and Recent Developments
2011 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY The Scream - Edvard Munch 1893 Current Market Update and Recent Developments Thursday, October 20, 2011
More informationEconomicLetter. Insights from the. The Term Auction Facility s Effectiveness in the Financial Crisis of
Vol. 5, No. MAY EconomicLetter Insights from the F e d e r a l R e s e r v e B a n k o f D a l l a s The Term Auction Facility s Effectiveness in the Financial Crisis of 7 9 by Tao Wu The TAF and other
More informationDealer Financial Conditions and the Term Securities Lending Facility: Was Bagehot Right After All? *
Dealer Financial Conditions and the Term Securities Lending Facility: Was Bagehot Right After All? * Viral V Acharya, NYU-Stern, CEPR and NBER Michael J. Fleming, Federal Reserve Bank of New York Warren
More informationThe updated claim filing deadline is May 16, Mailing of Claim Assessment Notifications will commence on May 31, 2018.
Must be Postmarked or Electronically Submitted No Later Than May 16, 2018 In re Foreign Exchange Benchmark Rates Antitrust Litigation c/o GCG P.O. Box 10239 Dublin, OH 43017-5739 1-888-582-2289 (if you
More informationQuarterly Trends for Consolidated U.S. Banking Organizations Fourth Quarter 2017
Quarterly Trends for Consolidated U.S. Banking Organizations Fourth Quarter 7 Federal Reserve Bank of New York Research and Statistics Group This report presents consolidated financial statistics for the
More informationManaging the Investment Portfolio: Size, Complexity and Evolving Choices
Managing the Investment Portfolio: Size, Complexity and Evolving Choices Tuesday, June 18, 2013 2:00 PM 3:15 PM Presented by: Ajay Ganju, CFA, Vice President Marc Gall, Vice President BOSC, Inc. 1200 N.
More informationPresentation to the City of Los Angeles Treasurer on the City's General Pool Investments. April 30, 2017
Presentation to the City of Los Angeles Treasurer on the City's General Pool Investments April 30, 2017 Economic Update: Overall Economy 8 U.S. GDP (Quarter over Quarter Annualized)* Percent 6 4 2 0-2
More informationPresentation to the City of Los Angeles Treasurer on the City's General Pool Investments. March 31, 2017
Presentation to the City of Los Angeles Treasurer on the City's General Pool Investments March 31, 2017 Economic Update: Overall Economy 8 U.S. GDP (Quarter over Quarter Annualized)* Percent 6 4 2 0-2
More informationJune 2012 Monetary policy in the United States and in the euro area during the crisis 39
Monetary policy in the United States and in the euro area during the crisis N. Cordemans S. Ide Introduction On both sides of the Atlantic, the initial shocks of the financial crisis were experienced in
More informationThe Flight from Maturity. Gary Gorton, Yale and NBER Andrew Metrick, Yale and NBER Lei Xie, AQR Investment Management
The Flight from Maturity Gary Gorton, Yale and NBER Andrew Metrick, Yale and NBER Lei Xie, AQR Investment Management Explaining the Crisis How can a small shock cause a large crisis? 24 bps of realized
More informationUS$1,000,000, US$1,500,000, % 2011 US$500,000,000
Pricing Supplement dated September 27, 2006 (To Offering Circular dated March 27, 2006, as amended by the Offering Circular Supplement dated September 21, 2006) KAUPTHING BANK HF. Issue of US$1,000,000,000
More informationLeverage and Risk of Financial Institutions
Leverage and Risk of Financial Institutions James R. Barth Auburn University and Milken Institute barthjr@auburn.edu Conference on Procyclicality in the Financial System Amsterdam, Netherlands February
More informationDevelopments in the Japanese Corporate Bond Market
Chart 1 Developments in the Japanese Corporate Bond Market (1) Credit Spreads on Corporate Bonds 1.2.8.6 Rated BBB or higher Rated A or higher The failure of Lehman Brothers.4.2 Oct. 3 1 3 5 7 9 11 1 3
More informationPictet Asset Management Best Execution Policy
Pictet Asset Management Best Execution Policy CONTENTS 1. Introduction 2 2. Scope 2 Direct Responsibility for Best Execution 2 Indirect Responsibility for Best Execution 3 3. Order Execution 3 4. Execution
More informationThe ECB s experience with unconventional measures. Vitor Constâncio. US Monetary Policy Forum, New York 25 February 2011.
The ECB s experience with unconventional measures Vitor Constâncio Vice President US Monetary Policy Forum, New York 25 February 2011 Summary 1. Nature and size of the measures taken by central banks Liquidity
More informationUnderstanding Financial Interconnectedness
Understanding Financial Interconnectedness Key Messages Utility Bilateral surveillance Multilateral surveillance Macro-prudential policies Swap Lines England ECB Switzerland United States JAPAN Swap Lines
More informationNew Risk Management Strategies
Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John
More information