Money market contact group (MMCG)

The MMCG was established in 1999 and provides a forum for discussing issues related to the euro area money market. This includes short-term market developments as well as structural and regulatory trends and the functioning of the euro area money market in general.

Chair

Director General Market Operations of the ECB

Members and composition

Members consist of representatives of the ECB and different commercial banks from all over Europe who participate actively in the euro area money market.

The composition of the group is reviewed on an annual basis. For institutions interested in becoming member, please contact the secretary of the group.

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

Meetings

2017 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
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