based on the monthly stance of current and term deposits of customers of commercial banks.
Liquiditytenders. Calls for tenders allow the BRB to ensure the proper functioning of the domestic financial system by withdrawing or providing liquidity, as needed. The interest rates on these market operations can be fixed or variable, upon BRB’s discretion.
Marginal lending facility. This is a permanent lending facility available to commercial banks which they can use anytime they need liquidity. The interest rate on these operations is equal to the money market rate
organizes the preparatory work of the ECB, supervises all papers before submission to the Governing Council, prepares the agenda for Governing Council meetings, and makes the proposals for decisions.
Implementation of Governing Council decisions. The Executive Board is vested with an executory task: to implement Governing Council decisions. It is also recipient of delegated powers from the Governing Council, the most important of which is worth mentioning: the carrying out of the weekly liquiditytender and the adoption of the weekly decision on liquidity allotment
The limited development of markets in the region represents a key risk factor for financial stability. 1 Since the previous Financial Sector Assessment Program (FSAP) in 2008, the bank deposit base has increased from 18 percent to 30 percent of gross domestic product (GDP) and the buoyancy of the government securities market has benefited from the interruption of public deficit financing by the Central Bank of West African States (BCEAO). Nevertheless, a significant portion of bank funding cannot be considered stable, due to the concentration of deposits held by large corporations. Apart from reserves held with the BCEAO, banks have little in the way of liquid assets, although the secondary market for government securities is beginning to grow for some issuers. Insufficient secondary market liquidity and the prevalence of unsecured intragroup transactions (60 percent of the total) in the interbank market exacerbate the risk and extent of potential losses for banks in the event of liquidity distress.
International Monetary Fund. Monetary and Capital Markets Department
This paper provides a detailed assessment of observance on the Eurex Clearing AG observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions principles for financial market infrastructures. Eurex Clearing is a global central counterparty clearing house that clears a broad range of both listed and over-the-counter (OTC) products. It offers fully automated and straight-through post trade services to the derivatives markets Eurex Deutschland and Eurex Zürich, the Frankfurt Stock Exchange, the multilateral trading systems of Eurex Bonds GmbH and Eurex Repo GmbH, the Irish Stock Exchange as well as clearing services for OTC interest rate derivatives (Eurex OTC Clear), as well as clearing services for transactions in cash equities, bonds, repos, derivatives, secure funding, securities financing, and transactions.
, CCP Margining, Triparty Collateral
Management Services for the collateralization (of e.g., bilateral cash loans,
central bank discount borrowing), General Collateral (GC) Services for the
management of electronic repo transactions combining the Eurex Clearing
CCP services, as well as Pledge to Central Banks for the access to intraday
or overnight liquidity, tender operations.
In addition, the security collateral can be monitored and managed directly
in the settlement system of the respective service provider, and also using
functionalities of the Eurex @X