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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ECB
Further to the ECB's increase in the limit on securities lending vs cash to E250B from E150B this morning, here is a chart of the ECB securities lending against collateral (daily through Sept, Oct data will be out later this month).
- The year-end spikes in takeup are noted in the chart (as ECB's Schnabel said, this is a “precautionary measure to ease collateral scarcity and support market functioning around the year-end”), and the narrowing in ASW-bond spreads suggests that the market has taken some comfort from the announcement.
- At the last count, there was E77.1B lent against cash collateral (Sept 30th). The peak was E97.9B over year-end 2021.
- Overall, takeup has been much more elevated this year than in previous years amid collateral scarcity, averaging E60B daily over the most recent 3 months (through Sep).
Source: ECB, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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