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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

2020

24 November
22 September
16 June
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

3 December: Agenda
Summary
Item 1(i): The European Repo-Segment under the impact of Tiering
Item 1(ii): Euro money market outlook
Item 2: Update on Negotiable Euro Commercial Papers
Item 2: Update on Short-Term European Papers
Item 3: Public consultation on the EDDI initiative
Item 4: €STR - initial market reaction
24 September: Agenda
Summary
Welcome address by Luis de Guindos
Item 1(i): Market Expectations for ECB monetary policy measures
Item 1(ii): FX- / XCCY Swap and FRA/OIS Markets - An Update
Item 3(i): Developments in payment systems: TARGET Instant Payment Settlement
Item 3(ii): Instant Payments - Numbers and Developments for the German Cooperative Banking Sector
Item 3(iii): Instant Payments Developments
Item 4(i): €STR Transition - Establishing a liquid €STR derivatives market
Item 4(ii): EURIBOR fallback rates - current discussions
25 June: Agenda
Summary
Item 2: Market Expectations for ECB monetary policy measures
Item 3(i): Negative rates and Tiering
Item 3(ii): Profitability impacted through negative interest rates
Item 4(i): Prudential Regulation (excluding NSFR) – Impacts on the repo market for safe assets
Item 4(ii): Impact of regulation (NFSR)
12 March: Agenda
Summary
Item 2(i): Recent developments in market expectations
Item 2(ii): Drivers behind the USD funding conditions at the year end
Item 2(iii): Function of the euro area repo markets
Item 4: Update on the Working Group Euro RFR

2018

3 December: Agenda
Summary
Item 1: Countdown to Brexit: Key Bank Rating Considerations
Item 2: Market Expectations Central Bank Policy: Main indicators and recent developments
Item 3: Update on developments in the FX Swap and FRA/OIS Markets
Item 5(i): Instant Payments
Item 5(ii): Instant Payment Services TIPS and RT1: Implications for Liquidity Management
Item 5(iii): Instant Payment Service: Implications for Liquidity Management
25 September: Agenda
Summary
Item 2(ii): Italy on a narrow path
Item 3: Implications of Brexit for Euro money market
Item 4(i): TLTRO Repayments
Item 4(ii): Italy and TLTROs – State of play
Item 4(iii): TLTRO II analysis – Spanish financial institutuions
7 June: Agenda
Summary
Item 1(i): FRA / OIS Basis – An Update
Item 1(ii): Italian Repo market overview
Item 3: European MMF Reform
Item 4: Update on ECB’s development of a daily euro unsecured overnight interest rate
13 March: Agenda
Summary
Item 2(i): Update on developments in the FX Swap Market – 2017 year-end
Item 2(ii): US Dollar Funding
Item 3: Functioning of the Euro Area Repo Markets
Item 4: Working Group on Euro Risk Free Rates – Determine mandate and governance

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

21 November: Agenda
Summary
Item 1 (i): Review of the latest market developments
Item 1 (ii): Market expectations for the TLTRO participation Item 3: An update of regulatory developments and impact on banks’ regulatory compliance
Item 4: Spanish Banking System - European Comparison
Item 5: T2S countdown – 7 months, 3 days to go live
9 September: Agenda
Summary
Item 2 (i): Review of the latest market developments
Item 2 (ii): Market expectations of TLTROs
Item 4: FX swap market overview
16 June: Agenda
Summary
Item 1: Review of the latest market developments
Item 3: Regulation on reporting and transparency of securities financing transactions (SFT)
Item 4: EUREPO: the secured benchmark evolution
18 March: Agenda
Summary
Item 1: Update on the current status of regulatory work
Item 2: Review of the latest market developments
Item 3 – (i): Update on developments in Spain
Item 3 – (ii): Update on developments in Italy
18 February: Agenda
Summary

2013

10 December: Agenda
Summary
Item 2: Review of the latest market developments
Item 4: Update on the current status of regulatory work
Item 5b: Update on the STEP+ initiative
3 September: Agenda
Summary
Item 1: Review of the latest market developments
Item 4: Eurex Clearing’s Risk Management Framework
Item 5: Main developments in the EONIA OIS market
17 June: Agenda
Summary
Item 1: Review of the latest market developments
Item 2 – (i): Position limits for Italian repo market
Item 2 – (ii): Spanish repo market
Item 3: Eurepo and new alternative secured market benchmarks
18 March: Agenda
Summary
Item 1 – (i): Main findings of the quarterly MMCG money market survey
Item 1 – (ii): Review of the latest market developments
Item 1 – (iii): Update on the STEP market developments
Item 2 – (i): Financial transaction tax proposal
Item 2 – (ii): Financial transaction tax – potential impact on the money market

2012

10 December: Agenda
Summary
Item 1 – (i): ICMA ERC: Establishing a loan repo system
Item 1 – (ii): Syndicated loan market
Item 4: European money market: a proposal for a more efficient unsecured market
Item 5: Review of latest market developments
18 September: Agenda
Summary
Item 2: Review of the latest market developments
Item 3: Results of the ECB Euro Money Market Survey 2012
Group picture
25 June: Agenda
Summary
Item 1 - (ii): The MMCG Survey on Banks’ Risk Management Practices
Item 2: Review of the latest market developments
Item 3: Update on the Short Term European Paper (STEP) developments
21 March: Agenda
Summary
Item 1 - (i): The Eurosystem's collateral framework
Item 1 - (ii): Temporary expansion of collateral eligibility criteria - an Italian perspective
Item 1 - (iii): New Eurosystem's measures on collateral - impact on French banks
Item 1 - (iv): Changes to the Eurosystem's collateral framework - a Spanish perspective
Item 2: Review of the latest market developments
Item 3: Proposals for the enhancement of the Euro Money Market Survey
Item 4: postponed
1 March - Teleconference: Summary

2011

14 December: Agenda
Summary
Item 2: Main findings of the latest major money market surveys
Item 3: Update on the most recent repo market developments
Item 4: Review of the latest market developments
5 September: Agenda
Summary
Item 1 - i) Update on Basel III
Item 1 - ii) Findings of the MMCG Survey
Item 1 - iii) Business impact
Item 1 - iv)- postponed
Item 2 - Recent market developments
Group picture
1 June: Agenda
Summary
Item 1 - The role and the impact of CCPs in the repo market CCP procyclicality
Eurex Clearing Margining
LCH Margining
Item 2 - Recent market developments
14 March: Agenda
Summary
Item 1 - Survey on liquidity risk governance
Item 2 - Large exposure rules
Item 3 - Autonomous factors
Item 4 - Recent market developments

2010

15 December: Agenda
Summary
Item 1: Update on the CCBM2 and T2S projects
Item 2: The findings of the latest ICMA repo market survey
Item 3: Review of the latest market developments
8 September: Agenda
Summary
Item 1: The Basel Committee’s proposal for an international liquidity risk framework
Item 2: Initial findings of the ECB Money Market Survey 2010
Item 3: Review of the latest market developments
Group picture
18 May: Agenda
Summary
Item 1 - Recent market developments
Item 1 - Recent repo market developments
Item 3 - Public consultation to the BCBS proposal for an international liquidity risk framework
7 May - Teleconference: Summary
10 February: Agenda
Summary
Item 1 - Managing liquidity risk with an internal model
Item 2 - The Basle Committee's proposal for an international liquidity risk framework
Item 3 - Recent market developments

2009

19 November: Agenda
Summary

Item 1 - Recent market developments
Item 2 - Liquidity regulation in the UK
Item 3 - ECB money market survey
ICMA repo survey
1 September: Agenda
Summary
Item 1: Development of robust and internationally consistent approaches for liquidity supervision: The current state of international initiatives
Large exposure legislation
Item 2: Upcoming changes to the liquidity regulation in France
Item 4: Review of the initial phase of the ECB’s Covered Bond Purchase Programme
Item 5: Review of the market developments since the previous meeting
Group picture
19 May: Agenda
Summary
Item 1 - Review of recent market developments
Item 3 - Update on repo market developments
18 February: Agenda
Summary
Item 1 - Review of recent market developments
Item 2 a - Update on the Risk Control Framework
Item 2 b - Update on the eligibility and the use of collateral
Item 3 - Changes to banks' internal organisations
Changes to treasuries’ internal organization after the financial market turmoil - 1
Changes to treasuries' internal organization after the financial market turmoil - 2

2008

18 November: Agenda
Summary
Recent market developments
Repo market developments
CP market impact of the US CPFF
Update on the collateral framework
29 October - Teleconference: Summary
10 October - Teleconference: Summary
25 September - Teleconference: Summary
16 September - Teleconference: Summary
11 September: Agenda
Summary
Initial findings of the 2008 ECB Money Market Survey
Update on TARGET2 Securities
Biennial review of risk control measures
Recent market developments
Group picture
27 May: Agenda
Summary
Initiatives in the field of liquidity risk management
Repo market analysis
Recent market developments
STEP update
Step statistics
17 March - Teleconference: Summary
29 February: Agenda
Summary
Eurex Repo
Update on CCBM2
Recent Market developments

2007

4 December: Agenda
Summary
The ECB Money Market Survey 2007
Recent money market developments
The impact of Basel II on treasury instruments
An update on the Eonia Swap Index
27 September: Agenda
Summary
Group picture
Credit claims and ABS as Eurosystem eligible collateral
Update on TARGET2-Securities
Recent money market developments
31 May: Agenda
Summary
Recent Money Market Developments
Part I: The impact of collateral on the relationship between ECB tender rates and 1-week repo rates
Part II: The impact of collateral on the relationship between ECB tender rates and 1-week repo rates
An update on the STEP project
The principles of the CCBM II project
14 February: Agenda
Summary
Recent money market developments
Banknotes in circulation

2006

23 November: Agenda
Summary
Work programme for 2007
Money Markets Survey 2006
TARGET2 Securities
Recent money market developments
Group picture
20 September: Agenda
Summary
Joint letter of the Chairmen of the MMCG and the COGESI on credit claims
Update on credit claims
Recent money market developments
Update on the STEP market
17 May: Agenda
Summary
Banks' organisation of money market activities - Results of a survey among the members of the MMCG
Recent Money Market Developments
16 February: Agenda
Summary
Summary of the main findings of the comparison between the ICMA European Repo Survey and the ECB Euro Money Market Study
A comparative analysis of the ICMA European Repo Survey and the ECB Money Market Data
Recent Money Market Developments