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Increasing funds’ adoption of liquidity management tools
[Généraliser l’adoption d’outils de gestion de la liquidité par les fonds]

Author

Listed:
  • Pierre-Emmanuel Darpeix
  • Inès Rispal
  • Aymeric Schneider
  • Alice Schwenninger

Abstract

The growth of investment funds in the financial sector has given rise to new risks. The Covid-19 crisis showed how exposed they can be to the threat of large-scale redemptions when market liquidity becomes scarce. More recently, the shock of the “Liberation Day” announcements triggered a reaction from investors in US-exposed funds. To limit the risk of forced sales that could amplify financial shocks, European authorities are encouraging funds to use liquidity management tools. La croissance des fonds d’investissement dans le secteur financier a fait émerger de nouveaux risques. La crise de la Covid-19 a illustré comment ceux-ci pouvaient être exposés à des rachats importants dans des conditions où la liquidité de marché s’évapore. Plus récemment, le choc des annonces du « Liberation Day » a fait réagir les investisseurs des fonds exposés aux États-Unis. Afin de limiter le risque de ventes forcées pouvant amplifier les chocs financiers, les autorités européennes promeuvent l’usage des instruments de gestion de la liquidité.

Suggested Citation

  • Pierre-Emmanuel Darpeix & Inès Rispal & Aymeric Schneider & Alice Schwenninger, 2026. "Increasing funds’ adoption of liquidity management tools [Généraliser l’adoption d’outils de gestion de la liquidité par les fonds]," Eco Notepad 440, Banque de France.
    • Handle: RePEc:bfr:econot:440
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