, Collateral swap with the ECB: in case of high volatility in the sovereign debt market, CCPs could exchange risky bonds against safe bonds with the ECB paying a fee
, Insurance-like mechanisms: market participants and CCPs might use insurance-like
A proposal for the resolution of systemically important assets and liabilities: the case of the repo market, International Journal of Central Banking, vol.9, issue.1, pp.291-349, 2013. ,
The "greatest" carry trade ever? Understanding Eurozone bank risks, Journal of Financial Economics, vol.115, issue.2, pp.215-236, 2015. ,
Money, liquidity, and monetary policy, American Economic Review, vol.99, issue.2, pp.600-605, 2009. ,
Liquidity and leverage, Journal of Financial Intermediation, vol.19, issue.3, pp.418-437, 2010. ,
Risk topography: systemic risk and macro modeling, pp.131-148, 2014. ,
CCP resilience and clearing membership, 2017. ,
Two monetary tools: interest rates and haircuts, National Bureau of Economic Research Working Paper Series, 2010. ,
Lombard Street: a description of the money market, p.30, 1873. ,
, Banca d'Italia (2013a, November). Financial stability report
, Banca d'Italia, 2013.
, Basel III: the liquidity coverage ratio and liquidity risk monitoring tools. Bank for International Settlements, Basel Committee on Banking Supervision, 2013.
, Revised basel iii leverage ratio framework and disclosure requirements, Basel Committee on Banking Supervision, 2013.
, Basel III leverage ratio framework and disclosure requirements. Bank for International Settlements, Basel Committee on Banking Supervision, 2014.
Bank business models and the Basel system, OECD Journal: Financial Market Trends, vol.2013, issue.2, pp.43-68, 2014. ,
Systemic risk in clearing houses: evidence from the European repo market, Forthcoming Journal of Financial Economics, 2016. ,
Deciphering the liquidity and credit crunch, Journal of Economic Perspectives, vol.23, issue.1, pp.77-100, 2007. ,
Market liquidity and funding liquidity, Review of Financial Studies, vol.22, issue.6, pp.2201-2238, 2009. ,
, CC&G's sovereign risk framework: a summary for participants, 2012.
The 2007 subprime market crisis through the lens of European Central Bank auction for short-term funds, Econometrica, vol.81, issue.4, pp.1309-1345, 2013. ,
The collateral channel of open market operations, 2014. ,
The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil, European Central Bank Occasional Paper Series, issue.107, 2009. ,
The repo handbook, 2010. ,
The (not so) unconventional monetary policy of the European Central Bank since 2008. Directorate General for Internal Policies, Policy Department A: Economic and Scientific Policy, 2014. ,
Risks in (and of) CCPs. Panel speech at the policy panel during the conference 'Mapping and Monitoring the Financial System: Liquidity, Funding, and Plumbing' organised by Office of Financial Research and Financial Stability Oversight Council, 2014. ,
,
Sovereigns at risk: a dynamic model of sovereign debt and banking leverage, 2014. ,
, Strengthening repo clearing and settlement arrangements. Bank for International Settlements, Committee on Payment and Settlement Systems, 2010.
, Asset encumbrance, financial reform and the demand for collateral assets, Committee on the Global Financial System Papers, issue.49, 2013.
, Central bank operating frameworks and collateral markets, Committee on the Global Financial System and the Markets Committee, 2015.
Collateral damage: the impact of the Financial Transactions Tax on the European repo market and its consequences for the financial markets and the real economy, 2013. ,
Margins and haircuts as a macroprudential tool, Remarks at, p.32, 2016. ,
, the European Systemic Risk Board Conference on Macroprudential Margins and Haircuts
Mapping and sizing the U.S. repo market, 2012. ,
Repo runs: evidence from the tri-party repo market, Journal of Finance, vol.69, issue.6, pp.2343-2380, 2014. ,
Limits to arbitrage: empirical evidence from Euro area sovereign bond markets, 2014. ,
A new start for the Eurozone: dealing with debt/ monitoring the Eurozone 1, 2015. ,
A non-standard monetary policy shock: the ECB's 3-year LTROs and the shift in credit supply, Journal of International Money and Finance, vol.54, pp.1-34, 2015. ,
Bank runs, deposit insurance, and liquidity, The Journal of Political Economy, pp.401-419, 1983. ,
Who borrows from the lender of last resort?, The Journal of Finance, vol.71, issue.5, pp.1933-1974, 2016. ,
How central is central counterparty clearing? A deep dive into a European repo market during the crisis, 2016. ,
GC Pooling -margining concept, 2012. ,
Monthly news. Euro & GC Pooling news, 2012. ,
, Monthly Bulletin: July. European Central Bank, 2010.
Euro money market study, 2012. ,
Collateral eligibility requirements. A comparative study across specific frameworks, 2013. ,
The financial risk management of the Eurosystem's monetary policy operations, 2015. ,
, How the FTT works in specific cases and other questions and answers, European Commission, 2013.
, Proposal for a Council Directive implementing enhanced cooperation in the area of Financial Transaction Tax, European Commission, 2013.
Policy Department A: Economic and Scientific Policy. 'Shadow banking -minimum haircuts on collateral, 2013. ,
, Report on securities financing transactions and leverage in the EU, European Securities and Markets Authority, 2016.
, Securities lending and repos: market overview and financial stability issues. Interim report of the FSB workstream on securities lending and repos, 2012.
Strengthening oversight and regulation of shadow: policy framework for addressing shadow banking risks in securities lending and repos, 2013. ,
, Background document. Regulatory framework for haircuts on non-centrally cleared securities financing transactions, Procyclicality of haircuts: evidence from the QIS1, 2014.
, Strengthening oversight and regulation: regulatory framework for haircuts on non-centrally cleared securities financing transactions, Financial Stability Board, 2014.
A step too far? the European Financial Transactions Tax and shadow banking, Journal of European Public Policy, vol.23, issue.6, pp.925-945, 2016. ,
Banks, government bonds, and default: what do the data say? European Corporate Governance Institute Finance Working Paper, vol.425, 2014. ,
Haircuts. Federal Reserve Bank of St. Louis Review Issue, pp.507-520, 2010. ,
Securitized banking and the run on repo, Journal of Financial Economics, vol.104, issue.3, pp.425-451, 2012. ,
Central counterparties: mandatory central clearing and initial margin requirements for OTC derivatives, 2014. ,
Interbank lending, credit-risk premia, and collateral, International Journal of Central Banking, vol.5, issue.4, pp.5-43, 2009. ,
Developments in repo markets during the financial turmoil. Bank for International Settlements Quarterly Review, pp.37-53, 2008. ,
Central bank liquidity provision and collateral quality, Journal of Banking & Finance, vol.49, pp.113-130, 2014. ,
Sizing up repo, Journal of Finance, vol.69, issue.6, pp.2381-2417, 2014. ,
LCH.Clearnet LTD Circular No 2692. Management of Sovereign Credit Risk for RepoClear service, 2010. ,
Frequently asked questions on the sovereign risk framework, 2014. ,
Monetary policy in exceptonal times, Economic Policy, vol.25, issue.62, pp.295-339, 2010. ,
The euro interbank repo market, The Review of Financial Studies, vol.29, issue.7, pp.1747-1779, 2016. ,
Repo runs, Review of Financial Studies, vol.27, issue.4, pp.957-989, 2014. ,
Fragmentation in the European interbank market: measures, determinants, and policy solutions, Journal of Financial Stability, vol.16, pp.1-12, 2015. ,
The impact of CCPs' margin policies on repo markets, 2015. ,
Liquidity, government bonds and sovereign debt crises, vol.32, 2015. ,
European interest rate strategy. BTPs: an adverse development, 2011. ,
Central bank collateral frameworks, Journal of Banking & Finance, vol.76, pp.198-214, 2017. ,
The impact of the liquidity coverage ratio (LCR) on the implementation of monetary policy, Economic Notes, vol.42, issue.2, pp.135-170, 2013. ,
Velocity of pledged collateral: analysis and implications, 2011. ,