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Higher dollar yields dampen some of the callable demand
Hong Kong dollars continue to develop into a mainstream funding currency for SSAs
Ex-Crédit Agricole banker to be based in Paris
Édouard Sauce had been with the firm for almost a decade
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New guidelines from the European Banking Authority that clarify Article 122a should be a boon to the ABCP market.
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Crédit Agricole expects to reduce its short term debt by more than a quarter over 18 months, the group announced on Thursday, in a move that could signal growing bank aversion to short term funding.
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The exposures of US money market funds to European banks will continue to drop despite central bank intervention to provide dollar liquidity, said bankers on Monday.
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A new cash management system from MTS and Newedge aims to shake up short term markets, by bringing cash from corporates and buyside investors into the triparty repo system. The new system, called Agency Cash Management, will go live in November.
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The European Central Bank and Bank of England were among the central banks to introduce dollar liquidity measures on Thursday afternoon, in a rare example of co-ordinated central bank action that was reminiscent of the crisis of late 2008. But dealers played down the significance of the moves, saying that most eurozone banks could still access cheaper dollar funding elsewhere.
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Conditions at the short end are still tough for European banks, but US money market funds are offering a glimmer of hope, as dealers report trading by them has picked up slightly, after being in decline for months.