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BIS Quarterly Review

Rarely would I recommend reading a Bank for International Settlements – BIS report in its entirety but this one might be worth a try.

You can even choose to listen to it with the accompanying #BISness Podcast.

This quarters report also includes an analysis from the triennial survey of the FX and OTC markets.

The opening overview of global advanced and developing markets was peppered with many words associated with what many of us have experienced this year.

Mention of the words “Deteriorated, widened, worsened, disruption, weakness, uncertain and volatile” appeared 37 times. Trying to find words that are associated with better conditions was in itself a challenge with the ones I could find, “improved” and “strength” appearing just 6 times.

This perhaps augers badly for 2023

In our view it is well worth taking in the BIS global overview and perhaps a read of the following articles over your next cup or two of tea:

- The post-Libor world: a global view from the BIS derivatives statistics

- Dollar debt in FX swaps and forwards: huge, missing and growing

- Leverage and liquidity backstops: cues from pension funds and gilt market disruptions

https://lnkd.in/eWJ4tyU9

December 29, 2022

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