The December 2019 BIS Quarterly Review is
out and it includes some very interesting articles.
There is one on the
evolution of OTC interest rate markets. Given these are an indicator of market volatility, the research is important, because the turnover of interest rate derivatives has increased for a variety of reasons; some of which are the changing structure of the market.
Collateral is king in the
euro repo market. Repo markets provide liquidity, but the euro repo market has seen activity which indicates investors are seeking particular securities rather than just liquidity and the availability and price of those particular securities has become a factor in the euro repo market.
One article receiving a lot of attention is one on the September stress in the U.S. dollar repo market