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Keywords:over-the-counter markets OR Over-the-counter markets OR Over-the-Counter Markets 

Discussion Paper
Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics

As a consequence of the Federal Reserve’s large-scale asset purchases from 2008-14, banks’ reserve balances at the Fed have increased dramatically, rising from $10 billion in March 2008 to more than $2 trillion currently. In that new environment of abundant reserves, the FOMC put in place a framework for controlling the fed funds rate, using the interest rate that it offered to banks and a different, lower interest rate that it offered to non-banks (and banks). Now that the Fed has begun to gradually reduce its asset holdings, aggregate reserves are shrinking as well, and an important ...
Liberty Street Economics , Paper 20180711

Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda

Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Speech , Paper 113

An analysis of OTC interest rate derivatives transactions: implications for public reporting

This paper examines the over-the-counter (OTC) interest rate derivatives (IRD) market in order to inform the design of post-trade price reporting. Our analysis uses a novel transaction-level data set to examine trading activity, the composition of market participants, levels of product standardization, and market-making behavior. We find that trading activity in the IRD market is dispersed across a broad array of product types, currency denominations, and maturities, leading to more than 10,500 observed unique product combinations. While a select group of standard instruments trade with ...
Staff Reports , Paper 557

Policy perspectives on OTC derivatives market infrastructure

In the wake of the recent financial crisis, over-the-counter (OTC) derivatives have been blamed for increasing systemic risk. Although OTC derivatives were not a central cause of the crisis, the complexity and limited transparency of the market reinforced the potential for excessive risk-taking, as regulators did not have a clear view into how OTC derivatives were being used. We discuss how the New York Fed and other regulators could improve weaknesses in the OTC derivatives market through stronger oversight and better regulatory incentives for infrastructure improvements to reduce ...
Staff Reports , Paper 424

Reforming the OTC derivatives market

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.
Speech , Paper 77

Title II resolution, a useful tool but not a panacea

Remarks at 2013 Resolution Conference: Planning for the Orderly Resolution of a Global Systemically Important Bank, Washington, D.C.
Speech , Paper 121

A model of the federal funds market: yesterday, today, and tomorrow

The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing monetary policy became less effective, the Federal Reserve introduced new tools to implement the target range for the federal funds rate, changing this landscape even more. In this paper, we develop a model that is capable of reproducing the main features of the federal funds market, as observed before ...
Staff Reports , Paper 840

Conference Paper
The role of regulation in system stability

Proceedings , Paper 398

Conference Paper
Regulatory reforms to reduce financial fragility

Proceedings , Paper 1136


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