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Foreword: OTC foreign exchange and interest rate derivatives markets through the prism of the Triennial Survey

Author

Listed:
  • Patrick McGuire
  • Andreas Schrimpf
  • Nikola Tarashev

Abstract

Five articles in this special edition of the BIS Quarterly Review provide new insights about foreign exchange (FX) and over-the-counter derivatives markets by drawing on the data compiled in the 2022 BIS Triennial Central Bank Survey. In the FX space, an accelerating shift towards less "visible" trading venues and bilateral trading may reduce the information content of prices and the network benefits of integrated markets. Trading of emerging market economy currencies has become more internationalised, increasingly resembling that of advanced economy currencies. At the same time, the incidence of settlement risk has remained obstinately high, and FX swap positions point to a growing volume of "missing" US dollar debt. In interest rate derivatives markets, the reform of benchmark interest rates has altered the risk landscape, giving rise to new types of derivatives as well as new challenges for risk management.

Suggested Citation

  • Patrick McGuire & Andreas Schrimpf & Nikola Tarashev, 2022. "Foreword: OTC foreign exchange and interest rate derivatives markets through the prism of the Triennial Survey," BIS Quarterly Review, Bank for International Settlements, December.
    • Handle: RePEc:bis:bisqtr:2212d
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    References listed on IDEAS

    as
    1. Claudio Borio & Robert N McCauley & Patrick McGuire, 2022. "Dollar debt in FX swaps and forwards: huge, missing and growing," BIS Quarterly Review, Bank for International Settlements, December.
    2. Marc Glowka & Thomas Nilsson, 2022. "FX settlement risk: an unsettled issue," BIS Quarterly Review, Bank for International Settlements, December.
    3. Mathias Drehmann & Vladyslav Sushko, 2022. "The global foreign exchange market in a higher-volatility environment," BIS Quarterly Review, Bank for International Settlements, December.
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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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