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Funding structures and resilience to shocks after a decade of regulatory reform
Kristin Forbes, Christian Friedrich and Dennis Reinhardt Recent episodes of financial stress, including the ‘dash for cash’ at the onset of the Covid-19 (Covid) pandemic, pressure in the UK’s...
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Lifting the lid on a liquidity crisis
Lydia Henning, Simon Jurkatis, Manesh Powar and Gian Valentini Autumn 2022 saw some of the largest intraday moves in gilt yields in history. It was then that jargon normally confined to financial...
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Convertible or not: making sense of stresses in AT1 bonds market
Mahmoud Fatouh and Ioana Neamțu Similar to the Deutsche Bank’s episode in 2016 and the Covid stress in 2020, AT1 spreads over subordinated debt rose rapidly and sharply following the Credit Swiss...
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Risk perceptions and economic activity in the United Kingdom
Nicholas Vause and Carolin Pflueger Recently, Pflueger, Siriwardane and Sunderam (2020) proposed a new measure of investor risk perceptions based on the cross-section of stock prices. Using that...
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Leveraged and inverse ETFs – the exotic side of exchange-traded funds
Julian Oakland Exchange-traded funds (ETFs) are supposed to be simple and straightforward, and for the most part they are, but one group punches well above its weight when it comes to market impact....
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Decoding the market for inflation risk
Saleem Bahaj, Robert Czech, Sitong Ding and Ricardo Reis Few topics captivate our attention like the enigma of inflation. Understanding where the market thinks inflation is headed is crucial for...
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Central clearing and the functioning of government bond markets
Yuliya Baranova, Eleanor Holbrook, David MacDonald, William Rawstorne, Nicholas Vause and Georgia Waddington The functioning of major government bond and related repo markets has deteriorated on...
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Beyond emissions: the interplay of macroprudential regulation and climate policy
Francesca Diluiso, Barbara Annicchiarico and Marco Carli While climate change is often seen as a long-term concern, climate mitigation policies can have different short-term effects, since they affect...
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How auction design can make a difference: the case of the Bank’s Indexed...
Julia Giese and Charlotte Grace In response to the global financial crisis, the Bank of England (BoE) began using Product-Mix Auctions (PMA) to provide liquidity insurance to financial institutions....
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Schrodinger’s market: what the quantum internet could mean for the financial...
Ed Hill Once the stuff of science fiction, quantum technologies are advancing fast. Individual quantum computers are finding a range of applications, primarily driven by the immense speed-ups they...
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