The Changing Collateral Space

Manmohan Singh

No 2013/025, IMF Working Papers from International Monetary Fund

Abstract: This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements.

Keywords: WP; central bank; market; bank; re-use rate; velocity/re-use of collateral; central banks and QE; LCR; CCPs; custodians; CSDs; desire collateral; collateral space; transformation route; pledged collateral market; market contact; Collateral; Financial statements; Securities; Global (search for similar items in EconPapers)
Pages: 19
Date: 2013-01-28
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Citations: View citations in EconPapers (22)

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