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Publications on Payments & markets

15 February 2021
OTHER PUBLICATIONS
15 February 2021
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18 January 2021
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2 December 2020
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25 November 2020
FINANCIAL STABILITY REVIEW BOX
Financial Stability Review Issue 2, 2020
Details
Abstract
Market participants have been slow in transitioning to the euro short-term rate (€STR) as the new reference rate in the overnight index swap (OIS) market. The OIS market segment is a potential source of alternative risk-free interest rates to serve as a fall-back for the euro interbank offered rate (EURIBOR), the benchmark term rate underlying loan and debt security pricing for euro area households and corporates. The euro overnight index average (EONIA) rate is due to cease in January 2022. But trading activity in €STR-referencing OISs, although constantly growing, has remained at very low levels compared with EONIA-referencing OISs. Moreover, EONIA OIS trades that mature after the transition deadline have continued to rise. Market participants are encouraged are encouraged to redouble their efforts to ensure sufficient technical preparedness to trade, price and account for €STR-based products and manage risk related to usage of the €STR.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G12, G13 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
23 November 2020
OTHER PUBLICATIONS
23 November 2020
OTHER PUBLICATIONS
6 November 2020
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2 October 2020
OTHER PUBLICATIONS
30 July 2020
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 5, 2020
Details
Abstract
This article analyses how liquidity is distributed across jurisdictions in TARGET2 – the payment system owned and operated by the Eurosystem – and the implications for payment settlement. It discusses TARGET2 participants’ reliance on intraday credit and the time of payment settlement, which are important aspects for the payment system operator. The article documents considerable heterogeneity across countries in liquidity holdings, concentration of liquidity among participants, usage of the intraday credit facility and time of settlement. A panel study across countries shows that larger holdings of liquidity are associated with a lower use of the credit line and an earlier time of settlement.
JEL Code
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
30 July 2020
ECONOMIC BULLETIN BOX
Economic Bulletin Issue 5, 2020
Details
Abstract
This box provides evidence on the positive impact of the Eurosystem’s US dollar-providing operations on the functioning of the EUR/USD foreign exchange (FX) swap market, using ECB Money Market and Statistical Reporting (MMSR) transaction data. In the context of high market volatility and risk aversion due to the coronavirus (COVID-19) pandemic, US dollar funding conditions tightened notably from the end of February 2020, when supply-demand imbalances led to a deterioration of liquidity conditions and eventually a surge in US dollar funding premia. The enhancement of the central bank swap lines on 18 March, by introducing a new 84-day US dollar operation in addition to the existing 7-day tender and lowering the price of all US dollar operations, brought significant relief to the short-term US dollar funding conditions. However, the relief was short-lived and it was only with the introduction of daily operations on 23 March that conditions improved in a sustainable manner and across all maturities, as uncertainty about US dollar availability abated. Once US dollar funding conditions started to normalise, the Eurosystem’s US dollar operations gradually lost their appeal, as seen in the significant drop in participation. This box shows that the Eurosystem’s US dollar operations not only helped banks to satisfy their immediate US dollar funding needs but also supported market activity, as banks participating in the US dollar operations became more willing to intermediate and passed funds borrowed from the Eurosystem on to other market participants. This in turn contributed to the normalisation of US dollar funding conditions and highlights an important transmission channel of the central bank swap lines.
JEL Code
D53, E4, E5, G1 : Microeconomics→General Equilibrium and Disequilibrium→Financial Markets
24 July 2020
OTHER PUBLICATIONS
16 June 2020
OTHER PUBLICATIONS
20 May 2020
TARGET ANNUAL REPORT
13 March 2020
OTHER PUBLICATIONS
13 March 2020
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19 February 2020
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4 December 2019
OTHER PUBLICATIONS
12 November 2019
OTHER PUBLICATIONS
7 November 2019
ECONOMIC BULLETIN BOX
Economic Bulletin Issue 7, 2019
Details
Abstract
Box about the start of the overnight benchmark rate for euro, the €STR.
JEL Code
E430 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
6 November 2019
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5 November 2019
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17 October 2019
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19 August 2019
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1 August 2019
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1 July 2019
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27 May 2019
TARGET ANNUAL REPORT
17 April 2019
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28 February 2019
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21 January 2019
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14 December 2018
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26 September 2018
CARD FRAUD REPORT
17 September 2018
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15 June 2018
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30 May 2018
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8 May 2018
TARGET ANNUAL REPORT
2 May 2018
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27 March 2018
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27 March 2018
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26 March 2018
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26 March 2018
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24 November 2017
EUROSYSTEM OVERSIGHT REPORT
4 September 2017
OTHER PUBLICATIONS
22 May 2017
TARGET ANNUAL REPORT
11 May 2017
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 3, 2017
28 February 2017
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2 January 2017
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2 January 2017
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29 July 2016
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15 July 2016
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30 June 2016
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12 May 2016
TARGET ANNUAL REPORT
19 February 2016
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29 January 2016
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25 January 2016
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25 January 2016
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23 September 2015
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23 September 2015
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4 September 2015
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25 August 2015
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15 July 2015
CARD FRAUD REPORT
1 June 2015
TARGET ANNUAL REPORT
Annexes
2 June 2015
ANNEX
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21 May 2015
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27 March 2015
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2 March 2015
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27 February 2015
EUROSYSTEM OVERSIGHT REPORT
25 February 2015
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24 February 2015
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1 January 2015
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1 January 2015
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18 November 2014
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18 November 2014
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20 October 2014
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13 October 2014
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13 October 2014
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7 July 2014
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7 July 2014
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7 July 2014
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30 May 2014
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26 May 2014
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22 May 2014
TARGET ANNUAL REPORT
12 May 2014
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29 April 2014
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11 April 2014
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18 March 2014
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25 February 2014
CARD FRAUD REPORT
4 February 2014
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6 January 2014
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24 October 2013
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27 September 2013
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16 July 2013
CARD FRAUD REPORT
Related
15 July 2013
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24 May 2013
TARGET ANNUAL REPORT
9 May 2013
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 5, 2013
7 May 2013
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8 April 2013
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21 March 2013
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11 February 2013
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11 February 2013
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31 January 2013
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31 January 2013
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31 January 2013
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17 December 2012
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29 November 2012
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29 November 2012
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29 October 2012
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25 July 2012
CARD FRAUD REPORT
31 May 2012
TARGET ANNUAL REPORT
20 April 2012
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19 April 2012
EUROSYSTEM OVERSIGHT REPORT
23 March 2012
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19 January 2012
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 1, 2012
18 November 2011
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14 November 2011
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Related
4 November 2011
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5 July 2011
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19 May 2011
TARGET ANNUAL REPORT
12 April 2011
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20 January 2011
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22 October 2010
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13 October 2010
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13 October 2010
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13 October 2010
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13 October 2010
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8 September 2010
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6 September 2010
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9 July 2010
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18 May 2010
TARGET ANNUAL REPORT
23 April 2010
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19 April 2010
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27 January 2010
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15 January 2010
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30 December 2009
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1 December 2009
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12 November 2009
EUROSYSTEM OVERSIGHT REPORT
Related
6 November 2009
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4 September 2009
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3 September 2009
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10 August 2009
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10 August 2009
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2 July 2009
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23 June 2009
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15 May 2009
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15 May 2009
TARGET ANNUAL REPORT
27 March 2009
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27 March 2009
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20 February 2009
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20 February 2009
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30 December 2008
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24 November 2008
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20 November 2008
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13 November 2008
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 11, 2008
4 September 2008
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17 July 2008
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11 July 2008
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28 April 2008
TARGET ANNUAL REPORT
31 January 2008
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11 January 2008
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10 December 2007
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29 October 2007
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29 October 2007
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29 October 2007
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29 October 2007
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29 October 2007
PRESS RELEASES
26 October 2007
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14 August 2007
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14 August 2007
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24 July 2007
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20 July 2007
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10 July 2007
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22 June 2007
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Annexes
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11 May 2007
TARGET ANNUAL REPORT
8 March 2007
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8 March 2007
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8 March 2007
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8 March 2007
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8 March 2007
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28 December 2006
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22 December 2006
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21 December 2006
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20 November 2006
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20 November 2006
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20 November 2006
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13 November 2006
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18 October 2006
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16 October 2006
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21 September 2006
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10 August 2006
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 8, 2006
24 July 2006
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21 July 2006
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9 June 2006
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19 May 2006
TARGET ANNUAL REPORT
11 May 2006
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 5, 2006
6 March 2006
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17 February 2006
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21 October 2005
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21 October 2005
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29 August 2005
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22 August 2005
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22 August 2005
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19 August 2005
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2 August 2005
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21 June 2005
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21 June 2005
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25 May 2005
TARGET ANNUAL REPORT
17 May 2005
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14 April 2005
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 4, 2005
28 February 2005
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8 February 2005
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2 December 2004
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26 October 2004
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22 October 2004
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29 September 2004
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29 September 2004
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21 May 2004
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12 May 2004
TARGET ANNUAL REPORT
10 May 2004
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22 April 2004
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15 April 2004
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15 April 2004
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13 April 2004
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 4, 2004
28 January 2004
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29 November 2003
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29 November 2003
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30 September 2003
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6 September 2003
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9 July 2003
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26 June 2003
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26 June 2003
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23 May 2003
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15 May 2003
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 5, 2003
20 April 2003
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14 April 2003
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15 April 2003
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23 January 2003
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 1, 2003
30 August 2002
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Annexes
12 December 2003
ANNEX
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20 July 2002
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24 June 2002
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22 June 2002
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21 June 2002
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19 June 2002
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20 April 2002
TARGET ANNUAL REPORT
11 April 2002
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 4, 2002
30 November 2001
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27 September 2001
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9 August 2001
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 8, 2001
30 June 2001
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30 May 2001
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15 May 2001
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8 February 2001
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 2, 2001
20 September 2000
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14 September 2000
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21 June 2000
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21 March 2000
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29 February 2000
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29 February 2000
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10 February 2000
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 2, 2000
29 November 1999
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11 November 1999
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 11, 1999
30 September 1999
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25 September 1999
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30 August 1999
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20 January 1999
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30 November 1998
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25 September 1998
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16 September 1998
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15 August 1998
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31 August 1998
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16 July 1998
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1 January 1998
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1 January 1997
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1 January 1995
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1 May 1994
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1 May 1994
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1 September 1992
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