Key highlights from the Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ERCC General Meeting on “The repo market: market conditions and operational challenges”, Brussels, 14 November 2017.
The repo market is undergoing significant change.
Regulation is forcing market participants to re-examine the extent of their engagement and make more efficient use of their balance sheets.
This adjustment process coincides with central banks worldwide adopting a series of unconventional monetary policy measures that have also affected the nature and scope of repo market activity.
A high degree of persistence in repo specialness lends support to the idea that the stock of securities already held by the ECB is likely to be a powerful channel.
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