2009-02 Euromoney market study (in english)

E u ro M o n E y M a r k E t S t u dy 2 0 0 8
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EURO MONE Y MAR KE T STUDY 20 08
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In 2009 all ECB publications feature a motif taken from the €200 banknote.

© European Central Bank, 2009 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone [phone] Website http://www.ecb.europa.eu Fax [phone] All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN 1830-3781 (online)

CONTENTS
EXECUTIVE SUMMARY 1 INTRODUCTION 2 THE MONETARY POLICY ENVIRONMENT IN 2007 AND 2008 3 THE UNSECURED MARKET 3.1 Turnover analysis 3.2 Maturity analysis 3.3 Market structure 4 THE SECURED MARKET 4.1 Turnover analysis 4.2 Maturity analysis 4.3 Market structure 4.4 Triparty repos 5 DEVELOPMENTS IN OTC DERIVATIVES MARKETS 5.1 Turnover analysis 5.2 Maturity analysis 5.3 Market structure 6 DEVELOPMENTS IN THE SHORT-TERM INTEREST RATE FUTURES AND OPTIONS MARKETS 7 THE SHORT-TERM SECURITIES MARKET 7.1 Turnover analysis in the secondary market 7.2 Outstanding amounts and issuance 7.3 Market structure 8 CROSS-MARKET SEGMENT ANALYSIS 8.1 Turnover analysis 8.2 Maturity analysis 8.3 Market structure 4 6 BOXES 1 The financial market turmoil 2 Euro money market reference rates 3 The e-Mid electronic trading platform 4 Evolution of the use of collateral in ECB monetary policy operations 5 Euro GC Pooling development during the financial market turbulence 6 A decomposition of Euribor spreads 7 Asset-backed commercial paper: a market segment severely affected by the turmoil 8 The euro money market in non-euro area Member States ANNEXES Annex 1: Technical annex Annex 2: Euro money market reference rates Annex 3: A comparison of the European Repo Council (ERC) survey and the ECB survey on euro interbank money market activity Annex 4: Glossary Annex 5: Banks participating in the study