08 December 2019

BIS Quarterly Review, December 2019

PDF (154 Pages)

International banking and financial market developments

Publication 8 Dec 2019
Easing trade tensions lift sentiment
An easing of US-China trade tensions in October triggered a risk-on phase in global financial markets. In September, risky asset prices across the globe stayed range-bound, supported by additional monetary accommodation in a context of subdued prospects for global activity. As sentiment shifted, stocks posted large gains in most markets but China, and credit spreads tightened. Term spreads in advanced economies (AEs) initially widened in line with the change in market sentiment. But their upward momentum petered out after a few weeks.
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Special features

Publication 8 Dec 2019
FX and OTC derivatives markets through the lens of the Triennial Survey
This special issue of the BIS Quarterly Review analyses the results of the latest BIS Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets (Triennial Survey).
By
Philip Wooldridge
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Publication 8 Dec 2019
Sizing up global foreign exchange markets
The latest BIS Triennial Survey shows that global foreign exchange trading increased to more than $6 trillion per day. Trading bounced back strongly following a dip in 2016, buoyed by increased trading with financial clients such as lower-tier banks, hedge funds and principal trading firms.
By
Andreas Schrimpf
and
Vladyslav Sushko
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Publication 8 Dec 2019
FX trade execution: complex and highly fragmented
The 2019 Triennial Survey shows that trade execution has undergone rapid change, with more diverse participants, new technologies and increasing complexity.
By
Andreas Schrimpf
and
Vladyslav Sushko
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Publication 8 Dec 2019
Offshore markets drive trading of emerging market currencies
FX markets for the currencies of emerging market economies grew more rapidly than those for major currencies between 2016 and 2019, rising from 19% to almost 25% of global turnover.
By
Nikhil Patel
and
Dora Xia
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Publication 8 Dec 2019
The evolution of OTC interest rate derivatives markets
The trading of interest rate derivatives in over-the-counter (OTC) markets more than doubled between 2016 and 2019, significantly outpacing the growth of trading on exchanges.
By
Torsten Ehlers
and
Bryan Hardy
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Publication 8 Dec 2019
OTC derivatives: euro exposures rise and central clearing advances
The composition of amounts outstanding in over-the-counter derivatives shifted towards the euro and cleared instruments.
By
Sirio Aramonte
and
Wenqian Huang
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Publication 8 Dec 2019
Euro repo market functioning: collateral is king
Repo markets play a major role in redistributing liquidity and collateral between financial institutions.
By
Patrick Schaffner
,
Angelo Ranaldo
and
Kostas Tsatsaronis
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Media

00:02:27
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OTC derivatives: euro exposures rise and central clearing advances
Video 8 Dec 2019
OTC derivatives: euro exposures rise and central clearing advances
Aramonte and Huang highlight trends in the composition of outstanding OTC derivatives and explore reasons behind the voluntary migration of some to central clearing.
By
Wenqian Huang
and
Sirio Aramonte
00:01:54
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Offshore markets drive trading of emerging market currencies
Video 8 Dec 2019
Offshore markets drive trading of emerging market currencies
FX markets for emerging market currencies account for almost 25% of global turnover. BIS economist Nikhil Patel explains how these markets have evolved in the past few years.
By
Nikhil Patel
00:11:49
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Podcast 8 Dec 2019
FX and OTC derivatives markets through the lens of the BIS Triennial Survey

Hyun Song Shin offers some key analytical insights on foreign exchange and OTC derivatives markets from the latest BIS Quarterly Review, in which BIS economists take a deeper look at data from the 2019 Triennial Central Bank Survey.

By
Hyun Song Shin
0:00 0:00

The views expressed here do not necessarily reflect the views of the BIS member central banks.

Related information

Easing trade tensions lift sentiment: BIS Quarterly Review
BIS Quarterly Review, December 2019 - media briefing

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