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Money market contact group (MMCG)

The MMCG is a forum for interaction between the ECB and industry-wide market professionals involved in the money markets. The objective of the MMCG is to discuss developments in money markets and share ideas and experiences on the structure and the functioning of the money markets.

Chair

Deputy Director General Market Operations of the ECB

Members and composition

The MMCG is composed of representatives of the ECB as well as different commercial banks from all over Europe with a prominent role in the euro area money market.

The composition of the group is reviewed at the end of the calendar year. Money market participants are welcome to express their interest in joining the Contact Group by submitting the application form and relevant documentation to the MMCG Secretariat at the latest by end October.

Observers

Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.

Other market contact groups

Meetings

2021
2020
1 December
Agenda
Summary
Item 1 (i): Monetary Policy Expectations (a)
Item 1 (i): Monetary Policy Expectations (b)
Item 1 (ii): Market expectations of TLTRO changes and participation (a)
Item 1 (ii): Market expectations of TLTRO changes and participation (b)
Item 1 (iii): Year and expectations in FX and repo markets
Item 2: Publication of Liquidity management data
Item 3: Target Instant Payment Settlement (a)
Item 3: Target Instant Payment Settlement (b)
Item 4: Green finance (a)
Item 4: Green finance (b)

22 September
Agenda
Summary
Item 1 (i): Banks usage of TLTRO III funds
Item 1 (ii): Banks'usage of TLTRO III funds
Item 2(i): Developments in unsecured and secured markets
Item 2 (ii): FX Swap and OIS Markets
Item 2 (ii): USD Funding Conditions
Item 3 (i): ACC Frameworks
Item 3 (i): ACC in the collateral framework
Item 4: Impact of ECB unconventional monetary policy measures
Item 4: Strategy Review under a Money Markets perspective
16 June
Agenda
Summary

Item 1 (i): Developments Money Markets
Item 1 (ii): Update on Negotiable Euro Commercial Papers
Item 1 (ii) (2): STEP Market Update
Item 1 (iii): USD Funding Conditions and XCCY developments
Item 2: Impact of remote working arrangements on banks’ liquidity management
Item 3(i): Market expectations for TLTRO-III and PELTRO
Item3 (ii): Market expectations for ECB policy measures
Item 4: ECB Money Market Contact Group
4 May
Summary
31 March
Summary
24 March
Agenda
Summary
Item 2(i): Money Market Outlook
Item 2(i): Main developments
Item 2(ii): ECB operations
Item 3: Development of the €STR benchmark
20 March
Summary
17 March
Summary
13 March
Summary
9 March
Summary
2019
2018
2017
4 December
Agenda Summary Item 1 (i): Recent developments in EONIA forward rates Item 1 (ii): Update on developments in the FX swap market Item 1 (iii): Recent developments in euro area repo markets Item 3 (i): NEU CPs Item 3 (ii): Money Market Contact Group - STEP market update Item 4: Instant Payments
26 September
Agenda Summary Item 1 (i): Market Expectations For ECB Monetary Policy Item 1 (ii): Expectations for the September quarter end Item 3 (i): CCY Basis – Executive Summary & Call for Discussions Item 4 (i): Intraday Liquidity Item 4 (ii): Excess Liquidity: drivers and costs - An Italian Perspective Item 5 (i): Net Stable Funding Ratio / Repo Asymmetry and Intragroup Implications Item 5 (iv): NFSR – A few Aspects to consider Item 6: Update on interest rate benchmarks
13 June
Agenda Summary Item 2: Arrangements for interaction with the market on financial market infrastructures and payments Item 3 (i): Market Expectations For ECB Monetary Policy Item 3 (ii): Market outlook for the forthcoming quarter-end. Role of the Eurosystem securities lending facility Item 4: Developments in the FX swap market – MMSR perspective Item 4 (ii): MMCG survey on FX swap market functioning Item 5: Eonia / Euribor Past, Present and Future
14 March
Agenda Summary Item 4 (ii): Recent developments in the euro area repo markets: main drivers Item 4 (iv): Impact of political developments in Europe on the euro area money market Item 5 (i): Intraday liquidity management: A short voyage on the regulatory and supervisory framework Item 5 (ii): Intraday liquidity management: market perspective Item 5 (iii): Eurosystem strategic review on the future of its Financial Market Infrastructures (FMIs)
2016
12 December
Agenda Summary Item 1.2: Update on ECB’s Money Market Statistical Reporting (MMSR) Item 2: Review of the latest market developments and other topics of relevance Item 2 (i): Recent trends in the evolution of the repo rates in the euro area Item 2 (ii): Market preparations for the upcoming year-end and expectations for the money market liquidity Item 3: The impact of the US Money Market Funds reform and the US enhanced prudential standards on the European banks and availability of short-term US dollar funding Item 4: Update on the repo market benchmark
27 September
Agenda Summary Item 2: Review of the latest market developments and other topics of relevance Item 2 (i): The impact of the outcome of the UK referendum on the money market and the outlook going forward Item 2 (iii): Expectations of participation in the future operations in the TLTRO II series Item 2 (iv): The outlook on the evolution of excess liquidity and the expected impact on money market rates and market activity Item 3: Recent trends in the evolution of the repo rates in the euro area: possible drivers and implications for banks’ liquidity management Item 4: Structural changes in the French CP market: introduction of the NEU CP market, the impact on investor demand and market developments Item 5: Update on the ECB’s Money Market Statistical Reporting Regulation
9 June
Agenda Summary Item 1: Latest market developments Item 1 (iii): FX swap market and the US money market fund reform Item 2 (ii): Update on the ECB’s Money Market Statistical Reporting Regulation Item 3: Update on money market benchmarks and the on-going reform process
15 March
Agenda Summary Item 1: Recent structural developments in the US money market Item 2 (i): Market reaction to the ECB Governing Council meeting on 10 March 2016 Item 2 (ii): Impact of the negative interest rate environment on banks and money market activity Item 2 (iii): Developments in the FX swap market Item 3: Distribution of excess liquidity in the euro area Item 5: Update on the ECB’s Money Market Statistical Reporting Regulation
2015
8 December
Agenda Summary Item 1: Main results of the quarterly MMCG euro money market survey Item 2: Latest market developments Item 2 (ii): Excess liquidity and impact on market turnover
9 September
Agenda Summary Item 3 (i): Market functioning in the environment of large excess liquidity Item 3 (ii): Drivers of divergences in repo market rates and the spread to the ECB deposit facility Item 3 (iii): FX swap market and drivers of volatility. The expected impact of the US monetary policy tightening on the FX swap market Item 3 (iv): Implications of US monetary policy tightening expectations for euro area financial markets Item 4: Update on the ECB’s Money Market Statistical Reporting Regulation
29 June
Summary
17 June
Agenda Summary Item 1 (i): Review of the latest market developments Item 1 (ii): The drivers of recent market volatility and re-pricing of the euro money market rates Item 1 (iii): The initial market experience with negative three-month Euribor rates Item 1 (iv): Market expectations of future money market rates Item 2 (i): A focus on the Italian repo market Item 2 (ii): Spanish repo market Item 2 (iii): Repo market for German government bonds Item 3: An update on the ECB’s Money Market Statistical Reporting Regulation
18 March
Agenda Summary Item 1: An update on the Money Market Statistical Reporting Regulation Item 3 (i): Review of the latest market developments Item 3 (ii): Recent developments and main drivers of the cross-currency swap market Item 3 (iii): The impact of the Eurosystem public sector purchase programme on the money market and banks' liquidity management Item 4: Update on STEP market developments Item 5: Update on regulatory developments for Money Market Funds
2014
2013
2012
2011
2010
2009
2008
2007
2006

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