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Ulrich Hufeld, Christoph Ohler - Europäische Wirtschafts- und Währungsunion

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Ulrich Hufeld (ed.), Christoph Ohler (ed.)

Europäische Wirtschafts- und Währungsunion

Series: Enzyklopädie Europarecht

Volume 2022

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Christian Heidfeld, Julian Langner § 15 Emergency Liquidity Assistance S. 733-752

„… Emergency Liquidity Assistance Christian Heidfeld/Julian Langner* A. Einleitung …” „… Emergency Liquidity Assistance within the ESCB, ZEuS 2013, 261; Ohler, Christoph, Bankenaufsicht und …” „… 1 auch durch Notfall-Liquiditätshilfe (Emergency Liquidity Assistance, im Folgenden ELA) erhalten.2 …”

Titelei/Inhaltsverzeichnis S. 1-42

„… Emergency Liquidity Assistance (Heidfeld/Langner) ...............................§ 15 733 E. Das Recht der …” „… . 730 Emergency Liquidity Assistance ..........................................................§ 15 733 …” „… Heidfeld Deutsche Bundesbank, Frankfurt a.M. § 15 § 22 Emergency Liquidity Assistance Die Geldpolitik der …”

Allgemeines Literaturverzeichnis S. 1149-1196

„… siehe Emergency Liquidity Assistance (ELA) ELA-Kredite 2 180 Emergency Liquidity Assistance 15 1 ff …” „… Liquidity Assistance (ELA) 5 81, 24 19 Empfehlung 8 31 ff., 34 – der EZB 17 83 – Grundzüge der …”

Karen Kaiser, Heiko Sauer § 24 Rechtsschutz im Bereich der Geldpolitik der Union S. 1109-1148

„… von Notfall- Liquiditätshilfen (Emergency Liquidity Assistance – ELA) durch nationale Zentralbanken …” „… Notfall-Liquiditätshilfe (Agreement on Emergency Liquidity Assistance – ELA Abkommen)84 beschlossen. Art. 3 dieses …”

Tobias Tröger, Alexander Friedrich § 18 Der Einheitliche Abwicklungsmechanismus (Single Resolution Mechanism, SRM) S. 847-900

„… Liquidity, Review of Financial Studies 2011, 2166; Admati, Anat R./DeMarzo Peter M./Hellwig, Martin …” „… , München, 2016, S. 310; Brunnermeier Markus, Deciphering the Liquidity and Credit Crunch 2007– 2008 …”

Karl-Philipp Wojcik § 19 Einlagensicherung S. 901-948

„… , Deposit Insurance, and Liquidity, The Journal of Political Economy 91 (1983), 401; Dreher, Meinrad, Die …”

Christian Heidfeld, Julian Langner § 22 Die Geldpolitik der EZB S. 1043-1084

„… , Marguerite, The Legal Framework for the provision of Emergency Liquidity Assistance within the ESCB, ZEuS …”

Florian Meinel § 20 Unionsverfassungsrecht des Europäischen Systems der Zentralbanken S. 951-1002

„… Liquidity Assistance (Heidfeld/Langner § 15), bei der die NZBen im Krisenfall Liquidität zur Verfügung …”

Thomas Eger, Hans-Jürgen Wagener § 5 Ökomische Herausforderungen einer unvollständigen Währungsunion S. 239-296

doi.org/10.5771/9783748900245

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 16 Liquidity management S. 1496

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …”

Article 17 Investment in securitisation positions S. 1496-1498

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …”

Article 15 Risk management S. 1493-1496

„… relating to liquidity management are specified in more detail in Art 38-45 of the AIFMD Level 2 Regulation …” „… Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an unleveraged closedended …” „… AIF, employ an appropriate liquidity management system and adopt procedures which enable them to …”

Article 49 Tick sizes S. 292-296

„… calibrated to reflect the liquidity profile of the financial instrument in different markets and the average …” „… with the factors in paragraph 2 and the price, spreads and depth of liquidity of the financial …” „… liquidity of the financial instruments. 199 Art 48(10) MiFID II. 200 In accordance with Recital 67 MiFID II …”

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… the pricing of the given sovereign debt. 3. Where the liquidity of sovereign debt falls below the …” „… accordance with Article 42 specifying the parameters and methods for calculating the threshold of liquidity …” „… represents a significant decline relative to the average level of liquidity for the sovereign debt concerned …”

Article 23 Trading obligation for investment firms S. 487-492

„… , taking into consideration cases such as: (a) non-addressable liquidity trades; or (b) where the exchange …” „… Obligation: Impact on Trading Volume and Liquidity’, February 2018, p. 7. Art. 23 MiFIR 1. Security …” „… Gomber, Clapham, Lausen and Panz, ‘The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity …”

Chapter 3 Prudential requirements S. 1643-1653

„… Prudential requirements Article 40 Exposure management A CCP shall measure and assess its liquidity and …” „… between margin collections, market liquidity and the possibility of changes over the duration of the …” „… and rapid reductions in market liquidity. 4. A CCP may establish more than one default fund for the …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… financial instruments of the same type are traded, i.e. of the most relevant market in terms of liquidity.23 …” „… Trading Volume and Liquidity’, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3133161 …” „… of liquidity, see Art 16 Delegated Regulation (EU) 2017/590. 24 Art 26(1) subpara 3 MiFIR. 25 Art …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… liquidity to the market on a regular and predictable basis, where such a requirement is appropriate to the …” „… of liquidity and where applicable any other obligation arising from participation in the scheme …” „… market to an investment firm so as to provide liquidity to the market on a regular and predictable basis …”

Article 2 Definitions S. 396-403

„… Council; (45) ‘liquidity fragmentation’ means a situation in which: (a) participants in a trading venue …” „… ), Art 4 (Determining liquid markets for certificates), Art 5 (Assessment of liquidity of equity …” „… book7 trading system. Liquidity describes the degree to which a financial instrument can be quickly …”

Article 32 Trading obligation procedure S. 519-524

„… anticipated impact that trading obligation might have on the liquidity of a class of derivatives or a relevant …” „… lack of market liquidity and a burden for non-financial end users. Most parts of the procedure are not …” „… resting firm or indicative bids and offers. This resembles the venue and the liquidity test that apply in …”

Article 4 Waivers for equity instruments S. 408-417

„… the most relevant market in terms of liquidity, where that reference price is widely published and is …” „… most relevant market in terms of liquidity; or (b) when the price referred to in point (a) is not …” „… market in terms of liquidity of a financial instrument in accordance with paragraph 1(a); (c) the …”

Article 9 Waivers for non-equity instruments S. 432-441

„… financial instrument, which would expose liquidity providers to undue risk and takes into account whether …” „… finance product, emission allowance or derivative is traded may, where the liquidity of that class of …” „… and methods for calculating the threshold of liquidity referred to in paragraph 4 in relation to the …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… , Lausen J and Panz S, ‘The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity …” „… , Oxford University Press 2014); PWC, Global financial markets liquidity study, Aug. 2015 …” „… : https://www.pwc.se/sv/pdf-reports/global-financial-markets-li quidity-study.pdf (15.6.2018); Sarr A and Lybek T, ‘Measuring Liquidity in Financial Markets’, IMF …”

Article 23 Disclosure to investors S. 1514-1517

„… description of the AIF’s liquidity risk management, including the redemption rights both in normal and in …” „… ) any new arrangements for managing the liquidity of the AIF; (c) the current risk profile of the AIF …” „… depositary, the valuer, any prime brokers), valuation and valuation procedures, liquidity risk management …”

Article 88 Exchange of information with third countries S. 387-389

„… : Impact on Trading Volume and Liquidity’: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3133161 …” „… , Global financial markets liquidity study, Aug. 2015 …” „… : https://www.pwc.se/sv/pdf-reports/global-financial-markets-li quidity-study.pdf (15.6.2018); Sarr A and Lybek T, ‘Measuring Liquidity in Financial Markets’, IMF …”

Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 454-458

„… competent authority of the most relevant market in terms of liquidity as defined in Article 26 for each …” „… no liquid market for a financial instrument.6 A market’s liquidity is central for correctly applying …” „… Art 14(1) MiFIR. When a market lacks liquidity, systematic internalisers may be exposed to regulatory …”

Article 11 Authorisation of deferred publication S. 442-450

„… liquidity providers to undue risk and takes into account whether the relevant market participants are retail …” „… derivative is traded may, where the liquidity of that class of financial instrument falls below the threshold …” „… instruments depending on their liquidity, is allowed under paragraph 3. ESMA shall submit those draft …”

Article 13 Accepted market practices S. 756-767

„… and demand; (c) whether the market practice has a positive impact on market liquidity and efficiency …” „… ., ESMA, Opinion: Points for convergence in relation to MAR accepted market practices on liquidity …” „… 2(3)(b). For example, in the case of liquidity contracts, beneficiary is the issuer and the AMP is …”

Article 8 Access to a trading venue S. 1594-1596

„… interoperability or threaten the smooth and orderly functioning of markets in particular due to liquidity …” „… standards specifying the notion of liquidity fragmentation. ESMA shall submit those draft regulatory …” „… liquidity fragmentation. Liquidity fragmentation could occur where transactions on one trading venue will …”

Introduction and overview S. 874-881

„… , (2012) 13 EBOR 413”); Pu X and Zhiang J, ‘Sovereign CDS Spreads, Volatility, and Liquidity: Evidence …” „… calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity …” „… price bubbles. Second, short selling increases market liquidity which, in turn, adds to market …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… , ESMA shall take into account, inter alia, the intraday trading and the liquidity of the shares. ESMA …” „… liquidity requirements established in Art 22 Regulation (EU) No 1287/2006. 18 For a list of the main indices …” „… pricing of the given sovereign debt. 3. Where the liquidity of sovereign debt falls below the threshold …”

Article 8 S. 1054-1063

„… ’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 g) ‘liquidity …” „… performance scenarios, (v) information about compensation schemes, (vi) costs, (vii) liquidity and (viii …” „… , together with liquidity risk, i.e. the risk that the PRIIP is no longer be tradable and/or can be cashed in …”

Article 50 Synchronisation of business clocks S. 296-299

„… liquidity band in the annex of the Commission Delegated Regulation (EU) 2017/588. The applicable liquidity …” „… liquidity band, regardless of the number of transactions. As a result, the liquidity band for exchange …”

Article 17 Algorithmic trading S. 120-134

„… trading to pursue a market making strategy shall, taking into account the liquidity, scale and nature of …” „… circumstances, with the result of providing liquidity on a regular and predictable basis to the trading venue …” „… result of providing liquidity on a regular and frequent basis to the overall market. Title II …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… liquidity of the AIF; (c) the current risk profile of the AIF and the risk management systems employed by …” „… the AIFM to manage the market risk, liquidity risk, counterparty risk and other risks including …” „… , including information on principal exposures, risk concentrations, illiquid assets, liquidity management …”

Article 15 Execution of client orders S. 458-463

„… liquidity.23 Both the rule requiring quotes to be in amounts equal to at least 10% of the standard market …” „… authority of the most relevant market in terms of liquidity on, at least, an annual basis under Art 26 MiFIR …” „… Commission Delegated Regulation (EU) 2017/587. Regarding the most relevant market in terms of liquidity, see …”

Article 5 Clearing obligation procedure S. 1588-1593

„… the relevant class of OTC derivatives; (b) the volume and liquidity of the relevant class of OTC …” „… derivative classes showing standardisation and market-liquidity parameters so as to make them suitable for …” „… logistically feasible and economically sensible. In particular, it should not dry out liquidity in the …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… , Clapham, Lausen and Panz, ‘The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity’, February …” „… . The relevant daily trading hours, however, are those of the relevant market in terms of liquidity6 and …” „… in terms of liquidity.7 In the case of a portfolio transaction, the information for each of the …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… to 17, 20 and 23 MiFIR and are considered to have the same liquidity status and standard market size …” „… considered to share the most relevant market in terms of liquidity requirements (see Art 7, 15 and Tables 1 …” „… MiFID II, Commission Delegated Regulation (EU) 2017/588 (RTS 11), and use the same liquidity band as the …”

Index S. 1785-1803

„… data MAR 17 25 – immediate disclosure MAR 17 28 et seq. – liquidity assistance MAR 17 89 – liquidity …” „… arrangements EMIR 8 Liquidity MiFIR 2 7 Listing Conditions Directive CARD Intro 2 Locate rule – short sale …” „… . et seq., 6 et seq. Market efficiency TD 1 3 Market liquidity MAR 13 12 Market makers MAR 9 6; SSR …”

Article 7 Authorisation of deferred publication S. 425-428

„… the type, including liquidity profile of the share, depositary receipt, ETF, certificate or other …” „… . General features Purpose The aim of Art 7 MiFIR is to protect specific transactions from liquidity and …” „… market in terms of liquidity.18 Chapter II Transparency for non-equity instruments Article 8 Pre-trade …”

Article 23 Cooperation between authorities S. 1623

„… on market liquidity and the stability of the financial system in any of the Member States where the …” „… banks. This is especially necessary in situations that could impact market liquidity and the stability …”

Article 24 Emergency situations S. 1623

„… on market liquidity and the stability of the financial system in any of the Member States where the …” „… banks. This is especially necessary in situations that could impact market liquidity and the stability …”

Article 1 Scope and UCITS definition S. 1304-1317

„… circumvent liquidity criteria. However, the UCITS EAD also deemed certain closed-ended funds, asset-backed …” „… level of liquidity. The further requirements to invest solely in liquid assets that can be easily sold …” „… a third-party liquidity provider to ensure that the listing price does not significantly vary from …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… market in terms of liquidity.18 Chapter II Transparency for non-equity instruments Article 8 Pre-trade …” „… of interest that are above a size specific to the financial instrument which would expose liquidity …” „… financial instrument, which would expose liquidity providers to undue risk and takes into account whether …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… , i.e. of the most relevant market in terms of liquidity.23 The competent authority has to make the …” „… Panz S, ‘The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity’, available at …” „… determination of the most relevant market in terms of liquidity, see Art 16 Delegated Regulation (EU) 2017/590 …”

Article 3 Obligation to publish a prospectus S. 965-969

„… market liquidity, the 2017 Prospectus Regulation sets out a distinct ‘alleviated’ treatment for …” „… 100,000 threshold, mainly to improve liquidity in the markets where these securities are traded. The …” „… effect of stimulating liquidity in the markets, on the other hand it would stymie the legal certainty of …”

Article 47 Organisational requirements S. 264-268

„… liquidity to the market on a regular and predictable basis, where such a requirement is appropriate to the …” „… of liquidity and where applicable any other obligation arising from participation in the scheme …” „… market to an investment firm so as to provide liquidity to the market on a regular and predictable basis …”

Article 11 Annual financial reports S. 1155-1156

„… agreement for liquidity granted for monetary policy purposes or within a payment system. (2) The exemption …” „… 1155 38 39 1 2 3 4 5 agreement for liquidity granted for monetary policy purposes or within a payment …”

Article 52 Risk management S. 1653-1654

„… . 52 EMIR Paola Lucantoni 1653 13 1 (c) identify, monitor and effectively manage credit and liquidity …” „… interoperability arrangement that may affect credit and liquidity risks relating to clearing member concentrations …”

Article 53 Provision of margins among CCPs S. 1654-1655

„… (c) identify, monitor and effectively manage credit and liquidity risks so that a default of a …” „… credit and liquidity risks relating to clearing member concentrations, and pooled financial resources …”

Article 3 Exclusions from the scope S. 1323-1324

„… Liquidity risk. In accordance with first paragraph of Art 3 of Commission Directive 2010/43/EU …” „… , list number 8, ‘liquidity risk’ means the risk that a position in the UCITS portfolio cannot be sold …”

Article 22 Providing information for the purposes of transparency and other calculations S. 482-487

„… This information includes (a) the most relevant market in terms of liquidity for an instrument,22 (b …” „… of liquidity.30 The relevant competent authority with respect to a financial instrument must collect …” „… , taking into consideration cases such as: (a) non-addressable liquidity trades; or (b) where the exchange …”

Article 22 Competent authority S. 1621-1623

„… on market liquidity and the stability of the financial system in any of the Member States where the …” „… banks. This is especially necessary in situations that could impact market liquidity and the stability …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… firm quote pursuant to paragraph 1 for financial instruments that fall below the threshold of liquidity …” „… would face an excessive liquidity risk. Generally, a systematic internaliser should provide quotes to …” „… 9(5)(d) MiFIR.30 In contrast, if the liquidity of a financial instrument falls below the threshold …”

Article 2 Definitions S. 1317-1323

„… for them; (b) the liquidity of the securities does not compromise the ability of a UCITS to comply …” „… . Funds 1322 Dirk Zetzsche and Dominik Nast 13 14 15 16 17 18 19 20 21 22 Liquidity risk. In accordance …” „… with first paragraph of Art 3 of Commission Directive 2010/43/EU, list number 8, ‘liquidity risk’ means …”

Article 5 Volume Cap Mechanism S. 417-423

„… , Clapham, Lausen and Panz, The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity, February …” „… on Trading Volume and Liquidity’, February 2018, p. 9. Art. 5 MiFIR 1. Security Markets and …” „… Obligation: Impact on Trading Volume and Liquidity’, February 2018, p. 9. 1 Commission Delegated Regulation …”

Overview of Articles 12-15 S. 908-910

„… the restrictions as a significant risk to market liquidity while providing uncertain benefits. While …” „… alia, the intraday trading and the liquidity of the shares. ESMA shall submit those draft implementing …”

Article 7 Inside information S. 673-692

„… intermediaries to trade in the issuer’s securities, thus reducing market liquidity, and stifle communication …” „… liquidity of the issuer’s stock and the level of attention given by investors to a security. On the …” „… relationship between liquidity, investor attention and informational efficiency, see Bali et al., ‘Liquidity …”

Article 17 Public disclosure of inside information S. 778-799

„… disclosure of inside information, including information which is related to a temporary liquidity problem and …” „… , in particular, the need to receive temporary liquidity assistance from a central bank or lender of …” „… liquidity crisis or even the failure of a systemically important institution.86 Beneficiaries The …”

Introduction S. 1563-1574

„… liquidity, closeout procedures and initial margin for CCPs’ (2017) BoI Staff Working Paper No. 643; Chen K …” „… , Intermediation and the Blockchain – An Inevitable Choice between Liquidity and Legal certainty?’ (2016) 21 …” „… Choice between Liquidity and Legal certainty?’ (2016) 21 Uniform Law Review 4. Pinna and Ruttenberg …”

Article 2 Exemptions S. 10-18

„… Article 3 of Regulation (EU) No 648/2012 that serve group-wide liquidity or risk management purposes; (b …” „… allowances entered into to fulfil obligations to provide liquidity on a trading venue, where such obligations …” „… Market makers provide liquidity that is essentially for the smooth functioning of trading venues. MiFID …”

Article 45 Position management powers of ESMA S. 555-558

„… benefits of the measure: reducing liquidity in those markets, restraining the conditions for reducing risks …” „… limit does not reduce the liquidity in markets, restrain the possibilities of hedging or create …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… liquidity back into the market at an agreed price and volume on a temporary basis with the express intent of …” „… exceptional cases where they are objectively justified and proportionate taking into account the liquidity of …” „… markets strengthen the liquidity, efficiency and accessibility of spot markets.19 Some economists …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… particular due to liquidity fragmentation, or would not adversely affect systemic risk. Nothing in point (a …” „… liquidity fragmentation and the trading venue has put in place adequate mechanisms to prevent such …”

Article 7 Notification to competent authorities of significant net short positions in sovereign debt S. 899-902

„… debt of that sovereign issuer; and (c) take into account the liquidity of each sovereign bond market. I …” „… liquidity of each sovereign bond market (Art 7(3)(c) SSR). Level 2 and 3 measures Article 7(3) SSR empowers …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… clients appropriate trading and position limits to mitigate and manage its own counterparty, liquidity …” „… liquidity providers.29 The operator of an MTF or OTF must have arrangements in place to clearly identify and …” „… non-discriminatory access to the system, any arrangements to facilitate liquidity and arrangements and procedures to …”

Article 53 Access to a regulated market S. 308-312

„… MiFID II aims at improving access to markets and, ultimately, to liquidity by governing the rules for …” „… have the potential to limit the access to liquidity pools.7 1. 1 Set out in Art 53(3) MiFID II, see …”

Article 9 Reporting obligation S. 1596-1600

„… access to trading venues. Such a threat may be caused by liquidity fragmentation. Liquidity fragmentation …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… on market liquidity and the stability of the financial system in any of the Member States where the …” „… banks. This is especially necessary in situations that could impact market liquidity and the stability …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… negatively affecting liquidity.9 The revised regime, however, largely replicates the 2003 Buy Backs and …” „… ‘extreme low liquidity’ provided for in Regulation (EC) No 2273/2003, Art 5(3), has been discontinued in …” „… liquidity’ was difficult to develop, ESMA, Final Report on Draft technical standards, para 31. 26 ESMA …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… makers/liquidity providers repeatedly claim mistrades; or (6) there is a breakdown or failure of …” „… OTF include (a) the relevance of the market in terms of its liquidity, (b) the nature of the envisaged …”

Chapter 2 Conduct of business rules S. 1637-1643

„… assess its liquidity and credit exposures to each clearing member and, where relevant, to another CCP …” „… between margin collections, market liquidity and the possibility of changes over the duration of the …”

Overview of Articles 1-4 S. 881

„… NCA of the most relevant market in terms of liquidity can adopt a short-term ban on short selling …”

Article 85 Valuation rules S. 1428-1429

„… a market for a certain derivative dries out but liquidity is expected to return after a few days …”

Article 64 S. 614-615

„… prevent price distortions due to insufficient liquidity.2 II. Commentary Scope of application Article 64 …”

Article 84 Unit-holders’ redemption rights S. 1427-1428

„… certain derivative dries out but liquidity is expected to return after a few days, the UCITS may suspend …”

Articles 65-104 Art. 65-104 S. 615-616

„… underlying rationale is to prevent price distortions due to insufficient liquidity.2 II. Commentary Scope of …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… body. Again, these limits shall secure the liquidity of the UCITS assets. Member States may waive the …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… financial obligations, a further means to reduce credit, liquidity, settlement, and ultimately, systemic …”

Article 19 Monitoring by ESMA S. 471-472

„… liquidity of a financial instrument falls below the threshold determined in accordance with Art 9(4) MiFIR …”

Article 25 Obligation to maintain records S. 494-495

„… arrangements in order to ensure that the competent authority of the most relevant market in terms of liquidity …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… body. Again, these limits shall secure the liquidity of the UCITS assets. Member States may waive the …”

Overview of Articles 5-11 S. 894-895

„… disclosure of such information to the market could have a detrimental effect on the liquidity of sovereign …”

Article 7 Recognition of close-out netting provisions S. 1732-1734

„… financial obligations, a further means to reduce credit, liquidity, settlement, and ultimately, systemic …”

Article 12 Market manipulation S. 730-756

„… , or are likely to have the effect of setting a market price when the liquidity or the depth of the …” „… changes below a certain de minimis threshold (which depends on the volatility and liquidity of the market …” „… liquidity constraints.145 While the manipulation of Libor and Euribor received more attention d) 140 FCA …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… makers/liquidity providers repeatedly claim mistrades; or (6) there is a breakdown or failure of critical …”

Article 36 Non-discriminatory access to a trading venue S. 529-531

„… liquidity fragmentation and the trading venue has put in place adequate mechanisms to prevent such …”

Article 52 Diversification S. 1389-1391

„… 51 of UCITSD sets out anti-concentration rules that shall maintain liquidity even in periods of …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… 2017); Cerezetti F, Sumawong A, Shreyas UP and Karimalis E, ‘Market liquidity, closeout procedures and …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… , 4 January 2017. 52 „If equity market liquidity is not to move offshore to more accommodating venues …”

Article 1 Scope S. 881-883

„… NCA of the most relevant market in terms of liquidity can adopt a short-term ban on short selling …”

Introduction to Title VIII Intro Title VIII S. 558-560

„… venues or countries.7 Furthermore, ESMA must ensure that the position limit does not reduce the liquidity …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… on the liquidity of sovereign debt markets, cf. Recital 8 SSR. 4 See also → Art 8 mn 5; for further …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… , liquidity risks for participants decrease by a limitation of the size of intraday margin calls and a …”

Article 26 Obligation to report transactions S. 495-498

„… the competent authority of the most relevant market in terms of liquidity for those financial …”

Article 2 S. 577-580

„… instrument is appropriate for trading purposes (e.g. in terms of liquidity and other circumstances which …”

Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document S. 1418-1421

„… profitability and liquidity aspects of an investment which could also be deemed ‘essential’ under Art 78(2) of …”

Article 5 Right of use of financial collateral under security financial collateral arrangements S. 1728-1731

„… . To improve market efficiency, liquidity, and to reduce financing costs for creditors, Art 5 grants a …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… detrimental effect could e.g. be the drying up of liquidity, the hampering of risk transfers and allocation …”

Article 50 Eligible assets S. 1381-1385

„… cated to the financing of securitisation vehicles which benefit from a banking liquidity line. 2. A …”

Article 8 Insider dealing S. 692-705

„… of the information also depends on the liquidity of the market, the bid-ask spread, the execution …” „… liquidity constraints. 16 Recital 30. 17 Recital 30 and Art 9(4). 18 Spector Photo Group, para 59. 19 The …”

Article 1 S. 1680-1684

„… participating in payment and securities settlement systems. Credit or liquidity problems of a participant, its …”

Article 20 Specific requirements for OTFs S. 145-149

„… in one liquidity pool.10 If a legal entity operating an OTF is held by an investment firm that is …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… liquidity fragmentation, a term it defines in Art 2(1)(45) MiFIR.14 Other relevant factors mentioned on …”

Article 34 Publication of decisions S. 869-874

„… Liquidity: Evidence from 2010 German Short Sale Ban’ (2012) 47 Financial Review 171; Riederer M and …”

Articles 18 to 26 S. 930-934

„… that only the NCA of the most relevant market in terms of liquidity for the instrument can adopt a …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… liquidity, as more “important” markets will likely be affected more by a removal or suspension, (b) the …”

Article 2 Definitions S. 883-888

„… providing liquidity on a regular and ongoing basis to the market; (ii) as part of its usual business, by …”

Titelei/Inhaltsverzeichnis

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… may draw on liquidity. A fourth principle under MiFID II and MiFIR is that of non-discrimination14. It …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… positions in order to provide sufficient liquidity to the markets.1 1. 1 The exemption for market making …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… members of the ESCB under a pledge or repurchase or similar agreement for liquidity granted for monetary …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… agreement for liquidity granted for monetary policy purposes or within a payment system’. III …”

Article 2 S. 1684-1691

„… transactions, transfer values, credit and liquidity exposures and settlement costs. However, since the finality …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… makers laid down in Article 9(5). Market makers provide liquidity to the market and facilitate trade by …”

Chapter 1 Organisational requirements S. 1628-1637

„… , securities settlements and payment systems, settlements banks, liquidity providers, central securities …”

Article 2 Definitions S. 1104-1114

„… . Market makers provide liquidity, reduce transaction costs and thus facilitate trade. Under certain …”

Article 4 Definitions S. 22-34

„… identifies some benefits of this type of trading, such as the increase of liquidity and the reduction of …”

Article 16 Organisational requirements S. 65-120

„… , risk, liquidity and any protection provided in accordance with Directive 2014/49/EU of the European …”

doi.org/10.5771/9783845279893

Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

Results in this title

Liquidity Gaps in the Past S. 166-170

„… 166 The more currency reserves a developing country holds, the less vulnerable it is to liquidity …” „… ’ foreign currency reserves, the less liquidity assistance by the official sector is required during …” „… liquidity crunches. As a result, the ratio of short-term debt to international reserves is widely perceived …”

Principles for Effective Liquidity Assistance S. 311-313

„… make use of a collateral requirement as rough indicator of whether a borrower is facing a liquidity …” „… their economies. Drawing on short-term liquidity assistance by the official sector central banks of …” „… legitimacy for the years to come. 12.1.1 Principles for Effective Liquidity Assistance Improving the Fund’s …”

Access to Large-scale Liquidity Assistance S. 317-322

„… 317 instrument to provide liquidity assistance in times of financial distress. Its subsidized …” „… to Large-scale Liquidity Assistance In order to increase the stability of the international financial …” „… system and reduce the frequency and severity of financial crises the IMF also needs to offer liquidity …”

Lending Rules Governing ELA Facilities S. 323-327

„… periods of up to 10 years. 12.3.2 Lending Rules Governing ELA Facilities Large-scale liquidity assistance …” „… requires several conditions to be met. Two are already met when a country qualifies for Extended Liquidity …” „… particular importance: First, international liquidity assistance has to be sufficient to prevent the …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… 161 tice, an international lender of last would provide liquidity assistance primarily to …” „… Developing Asia and Latin America. Moreover, providing liquidity support to industrial economies would be …” „… mandate to providing liquidity assistance to developing countries and emerging economies; the same …”

Advantages of Pre-qualification S. 203-206

„… liquidity assistance would be an effective instrument to address individual financial crises exante. It …” „… liquidity rather than a solvency crisis. Regarding the lending practice of an international lender of last …” „… pre-qualification requirements would be eligible for large-scale liquidity assistance by the official sector …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… Indebtedness Pre-qualification requirements for international liquidity assistance should further include …” „… are fundamentally unsustainable, short-term liquidity assistance by the international community will …” „… . Consequently, eligibility to international liquidity assistance must require sovereign indebtedness to be at …”

Henry Thornton (1760–1815) S. 92-98

„… against sovereign default due to liquidity problems. However, the fact that liquidity crises are an …” „… liquidity problems with instant access to foreign currency and reduces participants’ vulnerability to …” „… resort during liquidity crises. At Bretton Woods the IMF was created to fulfil a similar function for the …”

Transparency Criteria S. 206-211

„… terms and conditions for liquidity assistance, and then offering that assistance in stages over a long …” „… period of time, simply is a non-starter if the goal is to mitigate or prevent liquidity crises … If the …” „… IMF is to focus on liquidity assistance, and if liquidity assistance is to be effective, there is no …”

Conclusion and Implications S. 170-172

„… economies. Neither does lending freely imply providing liquidity assistance for every purpose. An …” „… foreign currency; instead they should restrict liquidity assistance to fundamentally solvent institutions …” „… liquidity assistance to intervene in the currency markets would be a misappropriation of funds due to …”

Regional Monetary Cooperation S. 337-341

„… without having to resort to liquidity assistance by the IMF and accepting the accompanying conditions. It …” „… important step may be the creation of a regional liquidity fund. Dieter suggests the creation of a regional …” „… liquidity fund as the first step in a framework for monetary regionalism; it could be realised by central …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… vulnerability to liquidity problems resulting from maturity or currency mismatches within sovereign debt …” „… suggested above, a country can signal that large-scale liquidity assistance would likely be effective in …” „… liquidity problem rather than a solvency crisis. Implementation of capital adequacy and reserve requirements …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… , its capacity to provide liquidity assistance must be sufficient to restore confidence in the markets …” „… debtors will not default due to a lack of liquidity. How many resources are required to achieve this goal …” „… bankruptcy of solvent borrowers due to a lack of liquidity. The financial means necessary to do so depend on …”

The Concept of Collateral S. 173-176

„… liquidity crunches. Both Thornton and Bagehot went to great lengths to delineate the rationale for …” „… liquidity crunches but should not be employed to bail-out insolvent banks and their shareholders. Insolvent …” „… last resort must follow the same principle and restrict liquidity assistance to illiquid, but …”

Opposition by Developed Countries and the G-7 S. 331-336

„… major shareholders, its central recommendation to make large-scale liquidity assistance dependent on …” „… access to liquidity assistance above the 300 percent ceiling available to all IMF members, countries …” „… failing to meet qualification criteria would be denied largescale liquidity assistance—regardless of their …”

Enhancing Access to Foreign Currency S. 90-92

„… need. Without liquidity, the financial sector cannot fulfil this role. Without access to capital, firms …” „… . Preventing financial panics from turning into fully fledged financial crises and ending liquidity crises once …” „… they have developed, requires access to sufficient amounts of liquidity. The role of a lender of last …”

IMF Induced Moral Hazard S. 230-233

„… , despite the difficulties it poses for providing effective liquidity assistance, is to address moral hazard …” „… case the borrowing country would threaten default. Moral hazard problems relating to liquidity …” „… system. Like an insurance company, a lender of last resort provides banks with the benefit of liquidity …”

Financial Assets S. 176-181

„… crisis was limited. Facing short-term liquidity gaps these assets were rarely accepted as collateral and …” „… commonly pledged as collateral due to reasons of liquidity. This holds not only for central banks lending …” „… short-term liquidity support to countries’ central banks. Indeed, a year before the Meltzer Report was …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… liquidity assistance in such magnitudes. 6.2.2 Lending-in-last-resort as Input in Banking Policy An …” „… currency terms—can cause liquidity crunches and potential default. By forcing banks into bankruptcy and …” „… international lender of last resort would provide liquidity to solvent financial institutions via domestic …”

The Meltzer Report S. 84-86

„… facing liquidity crunches. Second, the Fund should gather and disseminate economic and financial data on …” „… liquidity assistance to members meeting minimum prudential standards. A credit limit would be set at the …” „… reforms and stability programs but liquidity assistance would be restricted to fundamentally solvent …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… exaggerated47. The existence of a limited level of moral hazard does not undermine the case for liquidity …” „… unlikely to cause an increase creditor-side moral hazard. Countries qualifying for international liquidity …” „… liquidity assistance; lending to them would be inevitably riskier and investors would assess their ability …”

The Fund’s Record as Crisis Manger S. 113-116

„… , borrowers’ incentives to follow prudent policies in order to prevent liquidity problems remain intact …” „… negotiate a stability program. Demand for IMF loans is thus not limited to countries in severe liquidity …” „… liquidity crises arise. In resemblance of Bagehot’s critique on the Bank of England in 1873, a lack of …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ............................................................. 58 2.2.3.2 Bank-run and Liquidity Models …” „… 6.2.5 Liquidity Gaps in the Past …” „… ........................................................................................ 224 8.2.3.2 Liquidity Ratios …”

Walter Bagehot (1826–1877) S. 98-104

„… reserves. This removed the Bank’s ability to react in different ways to distinct types of liquidity …” „… forced to suspend its rules in order to accommodate the need for liquidity and prevent a collapse of the …” „… a lender of last resort during liquidity crises. Bagehot also extended on Thornton’s early work by …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… at ensuring that large-scale liquidity assistance will not be disbursed to sovereign borrowers with …” „… of short-term liquidity problems the financial sector is fundamentally healthy while the existence of …” „… financial institutions. Liquidity assistance is an effective instrument only if financial sectors are …”

Theoretical Considerations S. 104-107

„… international liquidity. During financial panics, institutions that in non-crisis times have no difficulties in …” „… assistance they can be forced into bankruptcy. By providing short-term liquidity an international lender of …” „… lender of last resort given effectively unlimited access to liquidity. Since debt obligations tend to be …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… . 12.3.1 Lending Rules Governing PRGF and SBA Facilities All IMF members qualify for liquidity support …” „… periods of up to 10 years. 12.3.2 Lending Rules Governing ELA Facilities Large-scale liquidity assistance …” „… requires several conditions to be met. Two are already met when a country qualifies for Extended Liquidity …”

Empirical Evidence on Catalytic Finance S. 244-249

„… to face financial difficulties to qualify for liquidity assistance by the official sector. Examining …” „… practice. The concept of catalytic finance rests on the belief that official liquidity assistance can …” „… loans in response, partial bailouts by the IMF may end a liquidity crisis even if official funds alone …”

The Calomiris Proposal S. 78-80

„… liquidity problems would be abolished. A new IMF would provide liquidity assistance exclusively to countries …” „… conditions 79 would be excluded from membership and thus from liquidity assistance by the official sector. As …” „… be abandoned, the effectiveness of international liquidity assistance in preventing and mitigating …”

The Setting S. 117-120

„… responsibility for providing emergency loans during liquidity crunches has been assumed by a variety of actors …” „… strategies embarked on to provide liquidity assistance to distressed borrowers. Out of a large number of …” „… financial distress and to draw lessons on the effective provision of liquidity assistance: The Panic of 1907 …”

Introduction S. 15-20

„… condition for liquidity assistance. The re-emergence of Western Europe and Japan as major economic powers …” „… , in the post-Bretton Woods system the Fund’s role in providing temporary liquidity assistance during …” „… . To address capital account crises requires liquidity assistance on a far larger scale than to redress …”

Problems Arising from the Imposition of Strict Collateral Requirements S. 199-201

„… enterprises, they would suffice to collateralize only a fraction of the liquidity necessary to effectively …” „… be pledged as collateral in exchange for liquidity support. In addition, the need to provide …” „… collateral in order to access liquidity support can create incentives for countries to halt privatisation …”

Conclusion S. 88-89

„… 88 IMF liquidity support substantially surpassed its traditional limits on lending. Exceptional …” „… Fund to approve liquidity assistance above this ceiling. First, the member must face exceptional …” „… towards ensuring that emergency loans above the regular level are granted only if exceptional liquidity …”

Securitisation of Future Flow Receivables S. 188-199

„… proposition for investors and can allow governments to access private capital even during liquidity crunches …” „… collateral in order to obtain emergency loans during liquidity crises …” „… quickly from the liquidity problems in connection with the peso’s devaluation in December 1994. This …”

The Köhler Approach: Procedural Changes S. 86-88

„… 86 should be disbursed exclusively for the short-term as liquidity crises are assumed to generally …” „… last for no more than a number of weeks; only under exceptional circumstances would liquidity …” „… countries implementing them. During the crisis in Indonesia, the IMF made the disbursement of liquidity …”

The IMF as International Lender of Last Resort S. 111-113

„… other institution had the clout to provide liquidity assistance in comparable quantities. The …” „… , Liquidity, and the International Monetary System. Princeton, NJ: Princeton University Press: 30 40 Stanley …” „… other institutions and thus are unsuitable to provide liquidity to the financial sector. Although the …”

Collateralising Equity S. 181-188

„… facing liquidity problems is equity in state-owned enterprises. During the 1960s and 1970s many emerging …” „… state-owned enterprises could serve as part of a collateral pledge in exchange for liquidity support in case a …” „… liquidity crisis were to occur in the future. In Argentina and Mexico privatisation efforts have been even …”

Changes Inside the IMF S. 341-344

„… 341 for liquidity assistance several steps have already been taken. In March 2000 finance ministers …” „… ministers agreed to negotiate lines of bilateral liquidity support under the Chiang Mai Initiative. In Mai …” „… (2002): 1 16 See IMF (2004): 4 343 scale liquidity assistance by the IMF. They are based on the …”

Lessons of 1907 S. 123-124

„… situation where there would be ample liquidity in the money markets, it would have been arrested quickly …” „… provision of sufficient amounts of liquidity is the only way to resolve a financial crisis once it has …” „… actors which began to cooperate only after the panic had developed into a liquidity crisis threatening …”

Lessons from Emerging Market Crises S. 143-145

„… all others in importance: The first regards the effectiveness of liquidity assistance by the IMF …” „… assistance’s effectiveness has varied greatly. In Mexico and South Korea liquidity assistance prevented …” „… to resume. In Russia 144 and Argentina international liquidity support failed to prevent the …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… changes in lending and borrowing behaviour by either debtors or creditors as a result of IMF liquidity …” „… would pursue without any form of external liquidity assistance. A government could resort to …” „… liquidity problems arise. Testing for creditor-side moral hazard is less problematic due to the information …”

Structure of the Analysis S. 42-46

„… antecedents. After laying out the importance of liquidity in preventing and mitigating financial crises, the …” „… collateral requirement would permanently exclude many developing countries from liquidity assistance by the …” „… make eligibility for large-scale liquidity assistance conditional on members meeting several …”

Current Funding Needs of the IMF S. 146-153

„… whether assistance should be granted to every country in need of liquidity. The question of funding is the …” „… 34,0 53,0 Source: IMF’s Financial Resources and Liquidity Position, 2002–December 2004: http …” „… . Most importantly, the Fund does not lend freely. While it provided liquidity assistance to countries in …”

Funding Issues S. 327-328

„… Liquidity Assistance Rule 1 The use of ELA facilities by local central banks is restricted to the provision …” „… currency reserves held at the central bank. To increase the credibility of official sector liquidity …” „… assistance and to restore confidence in the financial markets, funds available for liquidity support should …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… provide liquidity assistance if solvent banks are threatened by default due to currency or maturity …” „… lack of liquidity. To credibly do so, an international lender of last resort must be perceived as …” „… liquidity assistance primarily to developing countries and emerging economies, although monitoring and …”

The Report by the Independent Task Force S. 80-84

„… excessively increasing moral hazard problems. Once pre-qualified countries received liquidity assistance, it …” „… of a country not qualified for international liquidity assistance would threaten a systemic breakdown …” „… payment problems can be successfully addressed by temporary liquidity assistance. The choice of the …”

Creditor Country Interests S. 255-259

„… . Notwithstanding moral hazard effects in borrowing countries, international liquidity assistance allows private …” „… insurance. Consequently, international investors are strongly in favour of large-scale liquidity assistance …” „… liquidity assistance, either through bilateral support or via their funding share at international …”

Interests of Borrowing Countries S. 253-255

„… investors primarily benefit from liquidity assistance by the official sector, for the Fund’s creditors …” „… international liquidity assistance is beneficial on the one hand, but costly on the other. Because the majority …” „… financial institutions is often subsidised, debtor countries clearly benefit from international liquidity …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… permissible uses of its liquidity assistance to the provision of lender of last resort services can its …” „… Effective Liquidity Assistance Principle 1 Liquidity assistance should be disbursed only when the …” „… , liquidity assistance has to be disbursed timely and in sufficient amounts. Principle 3 To take account of …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… considerations. While an international institution providing liquidity assistance to mitigate financial crises in …” „… of last resort. As a result, the access to sufficient liquidity is much more difficult to secure …” „… facing short-term liquidity constrains from insolvent institutions. This is necessary not only for an …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… in a situation where there would be ample liquidity in the money markets, it would have been arrested …” „… provision of sufficient amounts of liquidity is the only way to resolve a financial crisis once it has …” „… actors which began to cooperate only after the panic had developed into a liquidity crisis threatening …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… liquidity support are insignificant compared to the reduction in wealth during the weeks before an …” „… availability of IMF liquidity assistance. Proponents of debtor-side moral hazard argue that the expectation by …” „… programs as countries have to face financial difficulties to qualify for liquidity assistance by the …”

The Crisis S. 125-128

„… invoked its General Agreements to Borrow. The massive injection of liquidity enabled the Bank of England …” „… central banks. Central banks provided liquidity in form of temporary currency swaps to be reversed when …” „… from this method of liquidity provision. Although initially sceptical regarding the swap arrangements …”

Lessons of the Sterling Crisis S. 128-129

„… facilities between foreign central banks. Central banks provided liquidity in form of temporary currency …” „… Kingdom was not the only country to benefit from this method of liquidity provision. Although initially …” „… a fundamentally different type of financial crisis: While in 1907 a lack of liquidity endangered the …”

Transition Period S. 328-330

„… bank. To increase the credibility of official sector liquidity assistance and to restore confidence in …” „… the financial markets, funds available for liquidity support should be above the minimum amount …” „… liquidity gaps over the past decade and adding an amount of between 25 and 50 percent for the sake of …”

Third Generation Models S. 58-62

„… generation models can be classified into three broad types: Macroeconomic feedback models, liquidity and …” „… roll over its debt obligations, notwithstanding that without liquidity problems the optimal strategy …” „… debt’s short maturity made the country excessively vulnerable. 2.2.3.2 Bank-run and Liquidity Models In …”

Four Types of Currency Crises S. 47-52

„… the world markets while foreign denominated loans increased liquidity pressures and led to wide-spread …” „… majority of cases ending financial crises requires liquidity support by an official sector institution that …” „… account deficits. It is likely to be induced by short-term liquidity problems in case an economy’s …”

Implications for the Viability of an International Lender of Last Resort S. 201-202

„… , the amounts necessary for effective liquidity assistance are too large to be fully collateralized by …” „… , could possibly provide enough collateral to qualify for sufficient amounts of international liquidity …” „… , less than a handful of emerging economies would be able to access international liquidity assistance in …”

The Lacking Clout of Developing Economies S. 336-337

„… liquidity assistance by the Fund has been significantly reduced makes the proposal described above far more …” „… qualifying for extended liquidity assistance these countries could access short-term liquidity assistance …”

General Membership S. 315-317

„… than an 317 instrument to provide liquidity assistance in times of financial distress. Its subsidized …” „… to Large-scale Liquidity Assistance In order to increase the stability of the international financial …” „… system and reduce the frequency and severity of financial crises the IMF also needs to offer liquidity …”

A Sovereign Debt Restructuring Mechanism S. 76-78

„… specifically addresses the problem of how to deal with countries when short-term liquidity assistance is …” „… liquidity problems would be abolished. A new IMF would provide liquidity assistance exclusively to countries …”

New Money Approach S. 283-286

„… international lender of last resort would have to restrict liquidity assistance to illiquid, but fundamentally …” „… liquidity problems only and failed to provide a longer-term solution regarding the problems of debt …” „… repayment security based on collateral and economic adjustment programs. At the same time, the liquidity of …”

Public Choice Theory S. 25-33

„… . On the other, moral hazard considerations are the foundation of claims that liquidity assistance by …” „… potential moral hazard effects of international liquidity assistance can be identified. Debtor moral hazard …” „… suggests that the fact that liquidity from the official sector is available in times of crisis reduces …”

Financial Market Theory S. 33-42

„… , Liquidity, and the International Monetary System. Princeton, NJ: Princeton University Press: 47–51, 97–128 …” „… , Deposit Insurance, and Liquidity.” Journal of Political Economy 91: 401–419 41 would be ensured. Another …” „… trading platforms where sufficient liquidity ensures that transactions can be smoothly executed. Admati …”

Interests of International Investors S. 255

„… . Notwithstanding moral hazard effects in borrowing countries, international liquidity assistance allows private …” „… insurance. Consequently, international investors are strongly in favour of large-scale liquidity assistance …”

Regime Theory S. 20-25

„… liquidity assistance would end to be influenced by geo-political considerations in G-7 treasury departments …” „… liquidity assistance and international investors need to roll-over loans or participate in debt …” „… improve the liquidity of side-payments in the bargaining process. At the same time, shirking commitments …”

The Asian Crisis’ Aftermath S. 138-143

„… since 1994. Inability to increase the money supply and the resulting liquidity crunch hampered …” „… liquidity assistance by the IMF. While the Fund provided extensive foreign currency loans to all economies …” „… discussed above, its assistance’s effectiveness has varied greatly. In Mexico and South Korea liquidity …”

The Problem of Contagion S. 52-53

„… liquidity can stabilise exchange rates until irrational fears have subsided. 2.1.2 The Problem of Contagion …” „… , and Liquidity.” Journal of Political Economy 91: 401–419 18 Maurice Obstfeld. 1994. The Logic of …”

Evidence on IMF Lending Arrangements S. 259-260

„… Agreement specifies duties towards all member countries, the IMF has provided liquidity assistance to some …” „… members more willingly than to others. Between 1983 and 2001 the Fund provided liquidity support in only …”

The Asian Financial Crisis S. 131-138

„… countries were eventually forced to abandon their pegs and apply to the IMF for liquidity support. Thailand …” „… and fiscal, to meet the conditions set by the IMF in exchange for liquidity assistance. The programs …” „… to replace the former Stand-By Agreement. Liquidity support was conditional on the implementation of …”

Second Generation Models S. 56-58

„… 56 guarantees rational actors flooded Latin American and South East Asian economies with liquidity …” „… into three broad types: Macroeconomic feedback models, liquidity and bank-run models and models of …”

The Case for an International Lender of Last Resort S. 107-109

„… strategies; liquidity provision alone would be insufficient. Accordingly, only emerging market countries …” „… lender are based on practical considerations. While an international institution providing liquidity …”

First Generation Models S. 53-56

„… , and Liquidity.” Journal of Political Economy 91: 401–419 18 Maurice Obstfeld. 1994. The Logic of …” „… and South East Asian economies with liquidity when these investments became more attractive than …”

Appendix S. 345

„… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …”

Abbreviations S. 345-346

„… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …”

Bibliography S. 347-374

„… Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and Effects of Contagion. IMF …” „… , Deposit Insurance, and Liquidity.” Journal of Political Economy 91: 401–419 Dieter, Heribert. 2002. Nach …” „… Securities LLC Tirole, Jean. 2002. Financial Crises, Liquidity, and the International Monetary System …”

Governance Reform and Pre-qualification S. 281-282

„… quota allocation was used at a selective quota increase in 1959 in order to draw on the strong liquidity …”

The Brady Plan S. 286-287

„… on collateral and economic adjustment programs. At the same time, the liquidity of restructured debt …”

A Global Central Bank S. 74-75

„… would override all other considerations. A global central bank would inject liquidity to foster economic …”

The Setting S. 124-125

„… pressure in the 1960s, it was again a consortium of several actors which made the provision of liquidity …”

The Tobin Tax S. 72-74

„… liquidity to foster economic growth, address issues of debt sustainability in developing economies and even …”

Political Difficulties S. 279-281

„… quota allocation was used at a selective quota increase in 1959 in order to draw on the strong liquidity …”

Evaluation S. 63-66

„… liquidity problems to occur, what triggers a crisis eventually is impossible to generalise. Experiences made …”

Successful Restructurings S. 287-290

„… dollar-denominated bond for investors primarily concerned with liquidity issues and an additional issue with …”

A Code of Good Conduct S. 294-297

„… to identify eventual liquidity problems early on and achieve larger creditor participation during …”

doi.org/10.5771/9783845201122

Dietmar Isert - The Accounting Treatment of Derivatives on a Reporting Entity's Own Shares

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Dietmar Isert

The Accounting Treatment of Derivatives on a Reporting Entity's Own Shares

Series: Finanz- und Rechnungswesen

Volume 8 2009

Results in this title

Third criterion: liquidity and solvency concerns S. 47-48

„… which accounting principle is the most appropriate one.157 3.4. Third criterion: liquidity and solvency …” „… concerns The third assessment criterion ‘liquidity and solvency concerns’ requires that the reporting …” „… meet its financial commitments as they are due. ‘Liquidity’ refers to financial commitments in the …”

Second criterion: providing reliable information for users of the financial statements S. 44-47

„… appropriate one.157 3.4. Third criterion: liquidity and solvency concerns The third assessment criterion …” „… ‘liquidity and solvency concerns’ requires that the reporting entity presents information about its …” „… . ‘Liquidity’ refers to financial commitments in the short-term, whereby ‘solvency’ refers to financial …”

Evaluating the advantages and disadvantages of the accounting principles regarding derivatives on an entity’s own shares S. 145-155

„… fulfilled Fulfilled Fulfilled 3. Liquidity and solvency concerns Not fulfilled Not fulfilled Not fulfilled …” „… . Thus the third assessment criterion ‘liquidity and solvency concerns’ is not fulfilled. However …” „… third assessment criterion ‘liquidity and solvency concerns’ is less fulfilled by accounting principle 2 …”

Overview S. 38-41

„… liquidity and the solvency of the reporting entity.122 The liquidity and solvency concerns of the two Boards …”

Applying the assessment criteria to the fourth accounting principle ‘non-derivative financial assets and non-derivative financial liabilities’ S. 140-143

„… 140 The third assessment criterion ‘liquidity and solvency concerns’ requires that the reporting …” „… reliable amounts’ in the balance sheet. The third assessment criterion ‘liquidity and solvency concerns …”

Introduction S. 155-159

„… . 1-2. See section 2.2. 156 The third assessment criterion ‘liquidity and solvency concerns’ requires …” „… assessment criterion ‘liquidity and solvency concerns’ is fulfilled than it is for deep in the money put …”

Applying the assessment criteria to the second accounting principle ‘equity derivatives’ S. 134-139

„… assessment criterion ‘liquidity and solvency concerns’ requires that the reporting entity presents …” „… the liquidity and solvency concerns of the financial statement users.412 According to both accounting …”

Applying the assessment criteria to the first accounting principle ‘financial asset and financial liability derivatives’ S. 128-134

„… third assessment criterion ‘liquidity and solvency concerns’ requires that the reporting entity presents …” „… when these options are exercised at maturity. Consequently, the third assessment criterion ‘liquidity …”

Applying the assessment criteria to the third accounting principle ‘equity’ S. 139-140

„… The third assessment criterion ‘liquidity and solvency concerns’ requires that the reporting entity …”

Applying the assessment criteria to the accounting principles of the reassessed expected outcomes approach S. 143-145

„… balance sheet is not fulfilled. The third assessment criterion ‘liquidity and solvency concerns’ requires …”

US-GAAP SFAS 150 and EITF Issue No. 00-19 S. 159-161

„… contracts is that it fulfills the third assessment criterion ‘liquidity and solvency concerns’. However …”

IFRS statement IAS 32 S. 161-163

„… is that the third assessment criterion ‘liquidity and solvency concerns’ is fulfilled for contracts …”

Summary and conclusions regarding the application of different accounting principles to diverse derivatives on own shares S. 164-167

„… consideration of the third assessment criterion ‘liquidity and solvency concerns’ when judging whether the …”

Evaluating the advantages and disadvantages of the accounting principles regarding deep in the money options on an entity’s own shares S. 205-208

„… options it is more important that the third assessment criterion ‘liquidity and solvency concerns’ be …”

Titelei/Inhaltsverzeichnis S. 2-13

„… ............................................................................ 443.4. Third criterion: liquidity and solvency concerns …”

First criterion: displaying relevant information in the body of the financial statements S. 41-44

„… ‘liquidity and solvency concerns’ is concerned with these cash flow effects; see section 3.4. 135 Barth …”

Summary of findings S. 217-223

„… and forward price and thus the contradiction to the ‘liquidity and solvency concerns’ criterion is a …”

Deep in the money long put option contracts on an entity’s own shares S. 197-205

„… more important that the third assessment criterion ‘liquidity and solvency concerns’ be fulfilled than …”

doi.org/10.5771/9783845217239

Marcel Finke, Kassandra Nakas - Fluidity

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Marcel Finke (ed.), Kassandra Nakas (ed.)

Fluidity

2022

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Holger Kuhn Liquidity – Networks – Deterritorialisation: Allan Sekula’s Critique of Flow S. 39-58

„… LIQUIDITY – NETWORKS – DETERRITORIALISA-TION: ALLAN SEKULA’S CRITIQUE OF FLOWHOLGER …” „… energy source of the liquidity-based global economy – turns into an abject, viscous, clumpy substance …” „… .Liquidity – Networks – Deterritorialisation | 43surface of the paper – makes it possible to view both the ocean and the paper as pecu-liarly …”

Esther Leslie Liquid Metal, Liquid Crystal Meet Swimming Nanorobots: On the Political Aesthetics of Self-Organising Behaviours in Life Systems S. 105-120

„… another. This liquidity inside of us will be a conduit to length-ened life and full saturation by …” „… )Liquidity, transformability needs to be engineered into the very substance that forms atoms. The liquid …” „… with properties of liquidity and crystallinity, with a certain sliminess, an ability to move and to …”

Marcel Finke, Kassandra Nakas Materials and Concepts of Fluidity: Toward a Critical Cultural Rheology S. 7-16

„… living organisms.Notions and the imagery of fluidity (and related terms such as flow, liquidity, or …” „… relational web of liquidity in its historical, political, environmental, social, epistemological and …” „… , deals with notions and the imagery of fluidity, liquidity, and material flows in cultural theory and …”

Liliana Gómez Leakages, Undercurrents, and the Fluid: Liquid Ecologies and Weaving Water in Latin American Arts S. 237-254

„… interventions as they “use and expand on liquidity and liquids, particularly water, as material signifiers …” „… fluidity and liquidity as cultural metaphors that ground new analytical terrains. The chapter further …” „… liquidity and fluidity serve as metaphors and allegories that entrench economic and political models …”

Alysse Kushinski Leak Morphologies S. 59-74

„… ” (Finke & Weltzien 2017: 13), many engage liquidity primarily as a fig-ure of thought, although of course …” „… demonstrates liquidity as a useful frame to think with, but one that also risks rendering phenomena far too …” „… that both solidity and liquidity can obscure.Disrupting FlowsLiquid analogies have become a common …”

Mathias Denecke Capitalism in Flow: Epistemic Metaphor and Logistical Calculation S. 23-38

„… and discussions during the workshop “Liquidity, Flow, Circula-tion”, which took place online in …” „… December 2020 and April 2021; for more information, see http://liquidity-flows-circulation.org/ (last …” „… Circularity, Entity, and Liquidity in the Language of Global History,“ in Journal of Global History 12(3), pp …”

Index S. 301-302

„… , 20–21, 59–71, 80, 84, 89, 191–193, 237, 252, 256–258, 263, 275, 278–280, 283liquid/liquidity 9–12, 19 …”

Titelei/Inhaltsverzeichnis S. 1-6

„… . . . . . . 23Mathias DeneckeLiquidity – Networks – Deterritorialisation: Allan Sekula’s Critique of Flow …”

Benjamin Steininger Towards a Chemical Cultural Theory: Speculating with Materials S. 165-188

„… into a gel. On a more abstract level, liquidity also appears as a productive feature. Only the fluid …”

doi.org/10.5771/9783496030614

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