The global financial crisis and subsequent recession have highlighted the huge costs that financial imbalances can impose on an economy. Because the financial crisis was in large part the result of specific vulnerabilities in the banking sector, reform proposals are accordingly focused on...

The repurchase (‘repo’) market was a key channel through which the Global Financial Crisis was transmitted. With activity in these markets now recovering, pressure is mounting for regulators elsewhere to increase the resilience of repo markets so that they become a more stable source of...