Putting Out the NBFIRE: Lessons from the UK's Liability-Driven Investment (LDI) Crisis PDF Download
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Author: Ms. Ruo Chen
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
Liability Driven Investment (LDI) funds were at the center of the severe stress that emerged in the UK gilt market in the aftermath of the September 2022 UK "mini-budget". The episode, which came on the heels of the “Dash for Cash” and “Archegos” stress episodes in the previous two years, highlights underlying vulnerabilities in the large and diverse non-bank financial institution (NBFI) sector. This paper seeks a deeper understanding of the factors that amplified the gilt market turmoil which ultimately led the Bank of England (BoE) to undertake temporary gilt purchases on financial stability grounds in late September/early October 2022 to restore orderly market conditions and enable LDI funds to build their capital positions. With the gilt market stress and the BoE’s purchases now fully unwound, this paper identifies the key reasons for the success of the BoE’s intervention. Then, drawing also on findings of the 2022 UK Financial Sector Assessment Program (FSAP), the paper discusses key gaps and policy issues related to the monitoring of financial stability risks in the broader NBFI sector for both individual jurisdictions and international standard-setting bodies.
Author: Ms. Ruo Chen
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 25
Get Book Here
Book Description
Liability Driven Investment (LDI) funds were at the center of the severe stress that emerged in the UK gilt market in the aftermath of the September 2022 UK "mini-budget". The episode, which came on the heels of the “Dash for Cash” and “Archegos” stress episodes in the previous two years, highlights underlying vulnerabilities in the large and diverse non-bank financial institution (NBFI) sector. This paper seeks a deeper understanding of the factors that amplified the gilt market turmoil which ultimately led the Bank of England (BoE) to undertake temporary gilt purchases on financial stability grounds in late September/early October 2022 to restore orderly market conditions and enable LDI funds to build their capital positions. With the gilt market stress and the BoE’s purchases now fully unwound, this paper identifies the key reasons for the success of the BoE’s intervention. Then, drawing also on findings of the 2022 UK Financial Sector Assessment Program (FSAP), the paper discusses key gaps and policy issues related to the monitoring of financial stability risks in the broader NBFI sector for both individual jurisdictions and international standard-setting bodies.
Author: Maddalena Ghio
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
During the March 2020 market turmoil, euro area money-market funds (MMFs) experienced significant outflows, reaching almost 8% of assets under management. This paper investigates whether the volatility in MMF flows was driven by investors’ liquidity needs related to derivative margin payments. We combine three highly granular unique data sources (EMIR data for derivatives, SHSS data for investor holdings of MMFs and Refinitiv Lipper data for daily MMF flows) to construct a daily fund-level panel dataset spanning from February to April 2020. We estimate the effects of variation margin paid and received by the largest holders of EURdenominated MMFs on flows of these MMFs. The main findings suggest that variation margin payments faced by some investors holding MMFs were an important driver of the flows of EUR-denominated MMFs domiciled in euro area.
Author: Moorad Choudhry
Publisher: Emerald Group Publishing
ISBN: 183549336X
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
With 100% emphasis on accessible, clear, and applicable advice Professional Perspectives on Banking and Finance provides suggestions to instil best practice in any commercial bank.
Author: Mark Hunter
Publisher: UNESCO
ISBN: 9230010898
Category : Investigative reporting
Languages : en
Pages : 256
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Book Description
Author: United States. Department of Veterans Affairs. Office of Finance and Information Resources Management
Publisher:
ISBN:
Category : Information resources management
Languages : en
Pages : 344
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Book Description
Author: Nigel Edward Morecroft
Publisher: Springer
ISBN: 331951850X
Category : Business & Economics
Languages : en
Pages : 353
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Book Description
This book explores the origins and development of the asset management profession in Britain as a distinct activity within financial services, independent of banks and stockbrokers. Specifically, it identifies the main individuals and institutions after 1868 who established the profession. The book draws a distinction between banks (short-term deposit-taking) and asset management (an investment service with longer-term objectives). It explains why some banks fail but asset management businesses generally do not. It argues that asset management has been socially useful and has had a beneficial impact on the development of securities markets by offering choices to savers as an alternative to banks, improving the efficiency of capital allocation, re-cycling excess savings productively and enabling a range of investors - from institutions to individuals - to benefit from thoughtful, long-term investing.
Author: Unesco
Publisher: UNESCO
ISBN: 9231040774
Category : Social Science
Languages : en
Pages : 418
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Book Description
This report analyses all aspects of cultural diversity, which has emerged as a key concern of the international community in recent decades, and maps out new approaches to monitoring and shaping the changes that are taking place. It highlights, in particular, the interrelated challenges of cultural diversity and intercultural dialogue and the way in which strong homogenizing forces are matched by persistent diversifying trends. The report proposes a series of ten policy-oriented recommendations, to the attention of States, intergovernmental and non-governmental organizations, international and regional bodies, national institutions and the private sector on how to invest in cultural diversity. Emphasizing the importance of cultural diversity in different areas (languages, education, communication and new media development, and creativity and the marketplace) based on data and examples collected from around the world, the report is also intended for the general public. It proposes a coherent vision of cultural diversity and clarifies how, far from being a threat, it can become beneficial to the action of the international community.
Author: CAIA Association
Publisher: John Wiley & Sons
ISBN: 111901638X
Category : Study Aids
Languages : en
Pages : 1207
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Book Description
In-depth Level II exam preparation direct from the CAIA Association CAIA Level II is the official study guide for the Chartered Alternative Investment Analyst professional examination, and an authoritative guide to working in the alternative investment sphere. Written by the makers of the exam, this book provides in-depth guidance through the entire exam agenda; the Level II strategies are the same as Level I, but this time you'll review them through the lens of risk management and portfolio optimisation. Topics include asset allocation and portfolio oversight, style analysis, risk management, alternative asset securitisation, secondary market creation, performance and style attribution and indexing and benchmarking, with clear organisation and a logical progression that allows you to customise your preparation focus. This new third edition has been updated to align with the latest exam, and to reflect the current practices in the field. The CAIA designation was developed to provide a standardized knowledge base in the midst of explosive capital inflow into alternative investments. This book provides a single-source repository of that essential information, tailored to those preparing for the Level II exam. Measure, monitor and manage funds from a risk management perspective Delve into advanced portfolio structures and optimisation strategies Master the nuances of private equity, real assets, commodities and hedge funds Gain expert insight into preparing thoroughly for the CAIA Level II exam The CAIA Charter programme is rigorous and comprehensive, and the designation is globally recognised as the highest standard in alternative investment education. Candidates seeking thorough preparation and detailed explanations of all aspects of alternative investment need look no further than CAIA Level II.
Author: Julie Ballington
Publisher:
ISBN:
Category : Political Science
Languages : en
Pages : 268
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Book Description
This handbook provides a general description of the different models of political finance regulations and analyses the relationship between party funding and effective democracy. The most important part of the book is an extensive matrix on political finance laws and regulations for about 100 countries. Public funding regulations, ceilings on campaign expenditure, bans on foreign donations and enforcing an agency are some of the issues covered in the study. Includes regional studies and discusses how political funding can affect women and men differently, and the delicate issue of monitoring, control and enforcement of political finance laws.
Author: Ms. Ruo Chen
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 17
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Book Description
This paper seeks a deeper understanding of the factors that amplified the gilt market turmoil, which ultimately led the Bank of England (BoE) to undertake temporary gilt purchases on financial stability grounds in late September/early October 2022 to restore orderly market conditions and allow Liability Driven Investment (LDI) funds some time to build their capital positions. This paper identifies the key reasons for the success of the BoE’s intervention. This paper also discusses key gaps and policy issues related to monitoring financial stability risks in the broader NBFI sector for individual jurisdictions and international standard-setting bodies.
