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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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Data
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MNI Research
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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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Free AccessMarket statement on reserve spreads
- "The Bank’s allocation methodology is not based on absolute price or yield, or the identity of the seller. As set out from the start of the programme, because the operations are designed to act as a backstop the Bank sets a ‘reserve spread’ which is used to calculate a yield for each bond below which the Bank will not make purchases. This reserve spread is set as a spread (in basis points) to the market mid yield at the end of each auction."
- "The Bank allocates or rejects each offer (i.e. deciding which specific purchases are made in an auction) by comparing the spread between the yield it is offered and market mid-yields at the end of the auction, with the Bank’s reserve spread. Offers below the reserve spread are rejected."
- "As confirmed in the 3 October Market Notice, the reserve spread is reviewed ahead of each auction. In doing so the Bank takes into account a wide range of information on prevailing market conditions and the pattern of demand in its auctions."
To read the full story
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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.