NY Fed President Dudley on Market Liquidity: It hasn’t really gone away

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The debate over market liquidity is pitting the Fed against the buy side, with the sell side dealers getting caught in the middle. The Fed argues things are not so bad, and if they are, regulation wasn’t the primary driver. The buy side has a different point of view. Who is right?

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The latest ICMA European Repo Council Survey is out; behind the headlines are some interesting trends

The new ICMA European Repo Council survey was just released. The headline numbers don’t show a lot of change in the overall size of the market beyond the normal ebb and flow, but behind these figures are some interesting trends. We note some findings that the financial press seems to have skipped over including the fact that some of the largest banks increased the size of their repo books significantly, and this offset declines elsewhere.

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Business design

Are relationships still important in securities lending? (Premium Content)

Securities lending used to be a relationship driven business to the point where if you didn’t know someone, you could not borrow a security if the world depended on it. New forces have entered the market however and the old order has seen its influence reduced. We wonder though, how much has really changed vs. how is the status quo of the mid-2000s holding on? Here’s what we are seeing:

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