Central banks need more market-rigging tools, Bank of England exec says

Section:

Bank of England's Hauser Calls for New Central Bank Tools to Tackle Market Upheavals

By William Schomberg
Reuters
Thursday, January 7, 2021

LONDON -- Financial markets are likely to be hit more often by the kind of upheaval unleashed by the COVID-19 pandemic and central banks need new tools to deal with powerful investment firms at the heart of such events, a Bank of England official said today.

Non-bank companies, which include pension managers, money market funds and hedge funds, now account for about half of the world’s financial assets.

"Last year's COVID 'dash for cash' was a wake-up call as to the scale and urgency of this work," Andrew Hauser, the Bank of England's executive director for markets, said in a speech hosted by Reuters.

... Dispatch continues below ...


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Non-banks have helped savers and businesses as banks were reined in by reforms after their risk-taking brought about the 2007-09 financial crisis. But they failed to withstand the coronavirus shock in March and reforms are needed to prevent future liquidity problems threatening the economy, Hauser said.

Central banks should consider a formal role as "market makers of last resort" -- trading securities at times of financial panic -- in return for tougher regulation of financial businesses other than banks, he said. ...

... For the remainder of the report:

https://www.reuters.com/article/us-britain-boe-hauser-newsmaker/boes-hau...

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