Study Group on Markets and Central Bank Operations

This study group of the Consultative Council for the Americas (CCA) Consultative Group of Directors of Operations (CGDO) was established in April 2014 to analyse topics related to the functioning or structure of operations and markets of common interest to CCA central banks.

The study group's first project was initiated in mid-2014. It shed light on "Currency carry trades in Latin America", whose strategies and investor composition has changed significantly since the global financial crisis. The resulting report was published as BIS Papers no 81 in April 2015.

The second project started in May 2016. It analysed "Foreign exchange liquidity in the Americas". The study assessed the various metrics currently used to measure FX market liquidity, described liquidity conditions and recent trends, and discussed the forces driving liquidity conditions in global and Latin American FX markets. The report was published as BIS Papers no 90 in March 2017.