http://www.bis.org/list/cgfs/tid_143/index.rss Publications of the Committee on the Global Financial System (CGFS), monitoring developments in global financial markets for the central bank Governors of the G10 countries. Regulation en http://www.bis.org/publ/cgfs52.htm Abstract of "Market-making and proprietary trading: industry trends, drivers and policy implications", November 2014 Market-makers serve a crucial role in financial markets by providing liquidity to facilitate market efficiency and functioning. This report - prepared by a Study Group chaired by Denis Beau (Bank of France) - assesses changes in the supply of and demand for market-making services as well as their potential impact on fixed income markets. Market-making and proprietary trading: industry trends, drivers and policy implications 2014-11-21T10:00:00Z Market-makers serve a crucial role in financial markets by providing liquidity to facilitate market efficiency and functioning. This report - prepared by a Study Group chaired by Denis Beau (Bank of France) - assesses changes in the supply of and demand for market-making services as well as their potential impact on fixed income markets. Market-making and proprietary trading: industry trends, drivers and policy implications 2014-11-21T10:00:00Z BIS bond markets market robustness immediacy services dealer inventory PDF version http://www.bis.org/publ/cgfs52.pdf November 2014 Bank for International Settlements: CGFS Publications 52 G15 G12 D47 http://www.bis.org/publ/cgfs51.htm Abstract of "EME banking systems and regional financial integration", March 2014 This report - prepared by a Study Group chaired by Andrew Khoo (Monetary Authority of Singapore) - develops a central bank perspective on the regional integration of EME banking systems and financial markets, assesses the drivers of these developments, and draws broad conclusions for policymakers. The findings are based on data from the BIS international banking statistics (IBS) and various other public sources, interviews with the private sector, inputs from central banks from non-CGFS jurisdictions, as well as reviews of the existing academic literature and case studies from select CGFS member jurisdictions. EME banking systems and regional financial integration 2014-03-07T10:00:00Z This report - prepared by a Study Group chaired by Andrew Khoo (Monetary Authority of Singapore) - develops a central bank perspective on the regional integration of EME banking systems and financial markets, assesses the drivers of these developments, and draws broad conclusions for policymakers. The findings are based on data from the BIS international banking statistics (IBS) and various other public sources, interviews with the private sector, inputs from central banks from non-CGFS jurisdictions, as well as reviews of the existing academic literature and case studies from select CGFS member jurisdictions. EME banking systems and regional financial integration 2014-03-07T10:00:00Z BIS financial integration emerging markets bank business models regional financial arrangements PDF version http://www.bis.org/publ/cgfs51.pdf March 2014 Bank for International Settlements: CGFS Publications 51 G15 F36 G2 http://www.bis.org/publ/cgfs48.htm Abstract of "Operationalising the selection and application of macroprudential instruments", November 2012. This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the ... Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the effectiveness of the instrument in achieving the stated policy objective; and (iii) the efficiency of the instrument in terms of a cost-benefit assessment. In trying to operationalise these criteria, this report proposes a number of practical tools. First, to help determine the appropriate timing for the activation and deactivation of instruments, it lays out stylised scenarios. Their identification is facilitated by two alternative approaches that seek to link systemic risk analysis and instrument selection. Second, to support the evaluation of the effectiveness and efficiency of macroprudential tools for a range of macroprudential instruments, the report proposes "transmission maps" - stylised presentations of how changes in individual instruments are expected to contribute to the objectives of macroprudential policy. Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z BIS procyclicality early warning indicators Countercyclical capital requirements Loan-to-value ratios Countercyclical liquidity requirements PDF version http://www.bis.org/publ/cgfs48.pdf December 2012 Bank for International Settlements: CGFS Publications 48 http://www.bis.org/publ/cgfs46.htm Abstract of "The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets", November 2011 The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets 2011-11-17T20:00:00Z The G-20 leaders' commitment that all standardised over-the-counter (OTC) derivatives will be centrally cleared by the end of 2012 is intended to increase the safety and resilience of the global financial system. Achieving these objectives depends importantly on the arrangements through which market participants obtain access to central clearing. Such arrangements could include increased use of existing global CCPs; the establishment of domestic CCPs in a number of jurisdictions; and the possible construction of links between CCPs. This report analyses the potential implications for financial stability and efficiency of these alternative access arrangements to CCPs. The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets 2011-11-17T20:00:00Z BIS Central Counterparties OTC derivatives domestic ccps ccp links PDF version http://www.bis.org/publ/cgfs46.pdf November 2011 Bank for International Settlements: CGFS Publications 46 G15 G18 G21 G28 http://www.bis.org/publ/cgfs44.htm Abstract of "Fixed income strategies of insurance companies and pension funds", July 2011 Fixed income strategies of insurance companies and pension funds 2011-07-12T19:00:00Z Fixed income strategies of insurance companies and pension funds 2011-07-12T19:00:00Z BIS asset allocation pension funds insurance companies accounting changes Solvency II fixed income markets PDF version http://www.bis.org/publ/cgfs44.pdf July 2011 Bank for International Settlements: CGFS Publications 44 M40 G23 G22 G28