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How U.S. Money-Market Reforms Make the ECB’s Job More Difficult

19 October 2016 The Wall Street Journal


The U.S. reform of money markets has become yet another stumbling block for the European Central Bank ahead of its policy meeting Thursday. Many analysts believe scarcity of government bonds is becoming a problem in Europe. The ECB itself is contributing to it by buying around €70 billion ($77 billion) of them a month.

“Asset managers and pension funds and basically any buy-side participant is finding it increasingly difficult to execute a trade at an equitable rate,” said Roberto Verrillo, head of strategy and markets at Elixium, an electronic marketplace that launched two weeks ago to help investors trade directly with one another in repo markets...

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