http://www.bis.org/list/cgfs/tid_6/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. Derivatives en http://www.bis.org/publ/cgfs49.htm Abstract of "Asset encumbrance, financial reform and the demand for collateral assets", May 2013. Given that the demand for collateral assets is increasing, the Committee on the Global Financial System (CGFS) in May 2012 established a Working Group (chaired by Aerdt Houben, Netherlands Bank) to explore the implications of this trend for markets and policy. This report presents the Group's findings from a system-wide perspective and draws broad conclusions for policymakers. Asset encumbrance, financial reform and the demand for collateral assets 2013-05-27T19:00:00Z Given that the demand for collateral assets is increasing, the Committee on the Global Financial System (CGFS) in May 2012 established a Working Group (chaired by Aerdt Houben, Netherlands Bank) to explore the implications of this trend for markets and policy. This report presents the Group's findings from a system-wide perspective and draws broad conclusions for policymakers. The report presents evidence of increased reliance by banks on collateralised funding markets in recent years for some regions, with the increase being most pronounced in Europe. Regulatory reforms and the shift towards central clearing of derivatives transactions will also add to the demand for collateral assets. But there is no evidence or expectation of any lasting or widespread scarcity of such assets in global financial markets. Temporary supply-demand imbalances, however, may arise in some cases, as the supply of collateral assets varies widely across jurisdictions and institutions. Endogenous private sector responses, such as collateral transformation activities, will help to address these supply-demand imbalances if and when they emerge. While this will mitigate collateral scarcity, these activities are likely to come at the cost of increased interconnectedness, procyclicality and financial system opacity as well as higher operational, funding and rollover risks. Hence, monitoring these developments and designing measures that limit any resulting adverse market implications for financial market stability should be an important focus of policy. The concepts and policy implications described in this report are a timely contribution on an important topic. I hope that they will inform ongoing discussions among policymakers on some of the key issues related to increased demand for collateral assets. Asset encumbrance, financial reform and the demand for collateral assets 2013-05-27T19:00:00Z BIS Asset encumbrance collateral demand deposit guarantee schemes collateral transformation services PDF version http://www.bis.org/publ/cgfs49.pdf May 2013 Bank for International Settlements: CGFS Publications 49 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/cgfs36.htm Abstract of "The role of margin requirements and haircuts in procyclicality", March 2010 The role of margin requirements and haircuts in procyclicality 2010-03-23T15:11:00Z The role of margin requirements and haircuts in procyclicality 2010-03-23T15:11:00Z BIS procyclicality effect procyclicality risk-taking channel PDF version http://www.bis.org/publ/cgfs36.pdf March 2010 Bank for International Settlements: CGFS Publications 36 G15 G21 G28 G32 http://www.bis.org/publ/cgfs35.htm Abstract of 'Credit risk transfer statistics', September 2009 Credit risk transfer statistics 2009-09-30T09:00:00Z Credit risk transfer statistics 2009-09-30T09:00:00Z BIS Credit risk CRT Credit Risk Transfer PDF version http://www.bis.org/publ/cgfs35.pdf September 2009 Bank for International Settlements: CGFS Publications 35 C8 G10 http://www.bis.org/publ/cgfs32.htm Abstract of 'Ratings in structured finance: what went wrong and what can be done to address shortcomings?', July 2008 Ratings in structured finance: what went wrong and what can be done to address shortcomings? 2008-07-04T09:00:00Z Ratings in structured finance: what went wrong and what can be done to address shortcomings? 2008-07-04T09:00:00Z BIS rating agencies credit ratings structured finance subprime mortgages PDF version http://www.bis.org/publ/cgfs32.pdf July 2008 Bank for International Settlements: CGFS Publications 32 http://www.bis.org/publ/cgfs23.htm Introduction of CGFS publication 'The role of ratings in structured finance: issues and implications', January 2005. The role of ratings in structured finance: issues and implications 2005-01-01T00:00:00Z The role of ratings in structured finance: issues and implications 2005-01-01T00:00:00Z BIS Credit risk transfer, derivatives, market infrastructure PDF version http://www.bis.org/publ/cgfs23.pdf January 2005 Bank for International Settlements: CGFS Publications 23 http://www.bis.org/publ/cgfs20.htm Executive summary of CGFS publication 'Credit risk transfer', January 2003. Credit risk transfer 2003-01-28T23:00:00Z Credit risk transfer 2003-01-28T23:00:00Z BIS Credit risk transfer, derivatives, market infrastructure PDF version http://www.bis.org/publ/cgfs20.pdf January 2003 Bank for International Settlements: CGFS Publications 20 http://www.bis.org/publ/ecsc08.htm Report on OTC Derivatives: Settlement procedures and counterparty risk management (CGFS Publications No. 8) Report on OTC Derivatives: Settlement procedures and counterparty risk management 1998-09-07T22:00:00Z Report on OTC Derivatives: Settlement procedures and counterparty risk management 1998-09-07T22:00:00Z BIS Derivatives, risk management, settlement procedures PDF version http://www.bis.org/publ/ecsc08.pdf September 1998 Bank for International Settlements: CGFS Publications 8 http://www.bis.org/publ/ecsc06.htm Proposals for improving global derivatives market statistics (CGFS Publications No. 6) Proposals for improving global derivatives market statistics 1996-07-08T22:00:00Z Proposals for improving global derivatives market statistics 1996-07-08T22:00:00Z BIS Financial statistics, derivatives PDF version http://www.bis.org/publ/ecsc06.pdf July 1996 Bank for International Settlements: CGFS Publications 6 http://www.bis.org/publ/ecsc05.htm Issues of measurement related to market size and macroprudential risks in derivatives markets (CGFS Publications No. 5) Issues of measurement related to market size and macroprudential risks in derivatives markets (Brockmeijer Report) 1995-01-31T23:00:00Z Issues of measurement related to market size and macroprudential risks in derivatives markets (Brockmeijer Report) 1995-01-31T23:00:00Z BIS PDF version http://www.bis.org/publ/ecsc05.pdf February 1995 Bank for International Settlements: CGFS Publications 5 http://www.bis.org/publ/ecsc04.htm Macroeconomic and monetary policy issues raised by the growth of derivatives markets (CGFS Publications No. 4) Macroeconomic and monetary policy issues raised by the growth of derivatives markets (Hannoun Report) 1994-10-31T23:00:00Z Macroeconomic and monetary policy issues raised by the growth of derivatives markets (Hannoun Report) 1994-10-31T23:00:00Z BIS PDF version http://www.bis.org/publ/ecsc04.pdf November 1994 Bank for International Settlements: CGFS Publications 4