About this issue
The BIS Quarterly Review is divided into two parts. The first presents an overview of recent developments in financial markets, before turning in more detail to highlights from the latest BIS data on international banking and financial activity. The second part presents five special feature articles, all related to the recent financial turmoil: the first on central bank operations designed to implement monetary policy; another on the drivers of international interbank rates; a third on interbank rate fixings; a fourth on the spillover of money market turbulence to FX swap and cross-currency swap markets; and the last on the linkages between credit fundamentals, ratings and value-at-risk measures for collateralised debt obligations (CDOs) and more traditional corporate bond exposures.
International banking and financial market developments
Special features
Recent initiatives
The views expressed here do not necessarily reflect the views of the BIS member central banks.