OCCASIONAL PAPER SERIES NO 68 / AUGUST 2007: THE SECURITIES CUSTODY INDUSTRY potx

... custodians holding a smaller amount/fewer securities. ISSN 1607148-49 771607 148006 OCCASIONAL PAPER SERIES NO 68 / AUGUST 2007 THE SECURITIES CUSTODY INDUSTRY by Diana Chan, Florence Fontan, ... provision and securities financing, which most CSDs do not provide because it involves credit exposure.1 THE DEVELOPMENT OF THE CUSTODY INDUSTRY 12ECB Occasional Paper No 68 August 2007Table ... usually amounts to 70-100 countries. 1 THE DEVELOPMENT OF THE CUSTODY INDUSTRY 14ECB Occasional Paper No 68 August 2007Table 2 Total assets under custody with the major global custodians(USD...

... 7.7 OCCASIONAL PAPER SERIES NO 64 / JULY 2007This paper can be downloaded without charge from http :// www.ecb.int or from the Social Science Research Network electronic library at http :// ssrn.com/abstract_id=977355. THE ... equal to 50%. On the other hand, if there is perfect negative correlation of defaults, then if one issuer defaults, the other does not, and vice versa. Either A or B defaults and the probability ... portfolios is that the quality of the spreads at the short end of the curve is more important than the quality at the long end. The CreditMetrics™ Technical Document is not very specific as...

... hypothesis26ECB Working Paper Series No 804 August 2007H0: λ = 0 is not significant at the 1% level. Since the null hypothesis is that this parameter ison the boundary of the parameter space, the distribution ... estimates(Schumacher, 2005).18ECB Working Paper Series No 804 August 2007ISSN 1561081-09 771561 081005WORKING PAPER SERIES NO 804 / AUGUST 2007GROWTH ACCOUNTING FOR THE EURO AREAA STRUCTURAL APPROACHby ... related via the cross-correlations of the disturbances driving14ECB Working Paper Series No 804 August 2007 the underlying prices and wages.Ignoring the seasonal component in prices, the reduced...

... feature a motif taken from the €20 banknote.WORKING PAPER SERIES NO 748 / MAY 2007This paper can be downloaded without charge from http :// www.ecb.int or from the Social Science Research ... below) the economies’ gross interest rateswill be between 1/ Hand 1/ L. Note that due to imperfect competition in the banking market there will be two rates, one for deposits and another forloans, ... substitution would not change the results of the model.5Throughout the paper we state that households demand loans and deposits, consid-11ECB Working Paper Series No 748 May 2007 the portfolio...

... support from the Center for AnalyticEconomics at Cornell University and the Thorne Fund is gratefully acknowledged. The viewsexpressed in this paper do not necessarily refl ect those of the European ... OWORKING PAPER SERIES NO 845 / DECEMBER 2007In 2007 all ECB publications feature a motif taken from the 20 banknote.RUN-PRONE BANKING AND ASSET MARKETS 1by Marie Hoerova 2This paper ... fromhttp :// www.ecb.europa.eu or from the Social Science Research Networkelectronic library at http :// ssrn.com/abstract_id=1054981.1 I am grateful for comments and advice from Bruno Biais,...

... 28ECBWorking Paper Series No 1096Septembre 2009WORKING PAPER SERIES NO 1096 / SEPTEMBER 2009This paper can be downloaded without charge fromhttp :// www.ecb.europa.eu or from the Social Science ... amounts of deposits and non-deposit liabilities). 19ECBWorking Paper Series No 1096Septembre 2009 the later years of the sample. In nominal terms, the balance sheet of the median bank increased ... understate the speed of adjustment as the model assumes that there is no unobserved heterogeneity at the firm level that affects their target leverage. Adding firm fixed effects therefore increases the...

... using the same controlsaveraged over the two periods (before/after) used in Section 5.1. The forth column of the table shows the bank level Z-Score of the control sample. In the control group the bank ... banks.109There are seven savings banks that are not full members in the savings banks association. They are not covered in the data set.10Refer to Section 6 for a further description of the bank ... using the annual change in the Ifo index which is published on the national level by the Ifo Institutefor Economic Research. Indebtedness is the average debt per capita of the community thatthe...

... banks (see the Appendix for details). Table 2 does the same for nonbidding banks,but note that there are no nonbidding Landesbanks or cooperative central banks.17ECBWorking Paper Series No 1376September ... at http :// ssrn.com/abstract_id=1605084.NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors ... money. The tick size is 1 basis point and the quantity multipleis 100,000 euros. There are no noncompetitive bids. There is a preannounced minimumbid rate. This rate is determined at the meetings...

... http :// ssrn.com/abstract_id=1573675.Information on all of the papers published in the ECB Working Paper Series can be found on the ECB’s website, http :// www.ecb.europa.eu/pub/scientic/wps/date/html/index.en.htmlMacroprudential ... AcknowledgementsThis paper hasparticularlybenetedfrom the feedbackofGabrieleGalati,SwedervanWijnbergen,LucLaeven,EnricoPerottiandNicolaViegi.WewouldalsoliketothankStevenOngena,ClaudioBorio,RefetGurkaynak,MarkusBrunnermeier,MarvinGood-friend,JohnWilliams,ViralAcharya,EsterFaia,XavierFreixas,LindaGoldberg,LexHoogduin,DavidMiles,LarsSvensson,KasperRoszbach,HansDegryse,WolfWagner,AndrewHughesHallett,NeeltjevanHoren,VincentSterk,JohnLewis,AndrewFilardo,DamLammertjan,JoseBerrospideandOlivierPierrardfordiscussions,andaudiencesat the IMF, the BIS, the ECB, the FedBoard, the BostonFed, the BankofEngland, the BankofJapan(IMES), the BankofKorea, the HongKongMonetaryAuthority / BISOfceHK, DNB, the 2010 ... restrict the leverage of at least some of the banks of which the regulator receives the signal that they are funding good firms. The reason that this cannot beproven relates to the fact that there...

... at 2 1/6 /2 000, 3 0/4 /2 001, 12and 1 3/9 /2 001, 2 8/1 1/2 001, 4 and 1 0/1 /2 002, 1 8/1 2/2 002 and 2 3/0 5/2 003. Long term re financing op erationsare structural measures and usually constant throughout the ... con-18ECBWorking Paper Series No. 393September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTSOF THE OVERNIGHTINTEREST RATE IN THE EURO AREAby Julius Moschitzclusion on the exact ... period in the US is two weeks.11ECBWorking Paper Series No. 393September 2004and the size of the autonomous factors for that da y becomes known. Finally, the reserveposition at the central...