On the back of increased fragmentation and automation in the FX market, the use of execution algorithms (EAs) has been on the rise. Prepared by a Markets Committee study group, this report examines the role of EAs in the FX market. It highlights key trends with regard to their increasing usage,...

This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series....

This paper investigates the presence of depositor discipline in the U.S. banking sector. We test whether depositors penalize (discipline) banks for poor performance by withdrawing their uninsured deposits. While focusing on the movements in uninsured deposits, we also account for the possibility...