Liquidity | Jotup

Monetary asmmetries without (and with) price stickiness

Retrieved on:

Friday, April 19, 2024

Online, University, Public Security Section 9, Employment, Calibration, Small, Equity, Volume Ten, Research Papers in Economics, Policy, A.4, Communication, Crisis, Mass, Silvana Tenreyro, Business, Shock, Intuition, Business cycle, TFP, Volume, European Economic Review, Marginal value, SME, NBER, Forecasting, Depression, 3rd millennium, European Economic Association, Conceptual model, Journal of Monetary Economics, Insurance, Harmonization, Great Depression, CES, Economic Inquiry, Paper, Environment, Political economy, Journal of Financial Economics, MIT, University of York, COVID-19, Behavior, Review of Economic Dynamics, Rigid transformation, Website, Access to finance, Accounting, Working paper, Probability, Total, Appendix, Section 8, Quarterly Journal of Economics, Zero lower bound, Curve, Chapter, Cost, Nominal, Journal of Political Economy, Euro, PDF, ECB, Unemployment, Hoarding, STAT, Economic Policy (journal), Household, Canadian International Council, Social science, Government, Federal Reserve Bank, JEL, Journal, Textbook, Missing, Food, Private sector, A.5, Asymmetric, The Journal of Finance, Credit, Speech, Princeton University Press, Literature, NK, European Central Bank, Growth, Labour, Monetary economics, Loss aversion, Financial intermediary, Injection, Elasticity, Inventory, Subprime lending, Ben Bernanke, Finance, BIS, Phillips curve, International Economic Review, Money, London School of Economics, Marginal product of labor, Pruning, Marginal product, The Economic Journal, Rate, Aswath Damodaran, Risk, OECD, Competition (economics), Section 4, MIT Press, Consumption, Bond, Section 3, Yield curve, Loanable funds, Habit, Cobb–Douglas production function, Economy, Aarhus University, Financial economics, Section 2, Conference, Central bank, Chapter Two, Monetary policy, Capital, Hartman–Grobman theorem, CEPR, Framework, American Economic Review, Capital Markets Union, ZLB, Exercise, Liquidity, Interest, Intensive word form, Workshop, European Commission, Macroeconomic Dynamics, Population growth, B1, Response, Quarterly Journal, Community business development corporation, GDP, E31, Control, Journal of Economic Theory, Christian Social Union (UK), T2M, Hamper, Data, American Economic Journal, Aggregate, Konstantinidis, B.1, A.9, A.6, Remuneration, Civil service commission, EUR, Uncertainty, Motivation, A.7, Bank, GFC, Section 13, Motion, Reproduction, IMF, Staggers Rail Act, Abstract, Tale, Handbook, Asymmetry, Stanford University, Communications satellite

Key Points:

Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) - March 2024

Retrieved on:

Thursday, April 18, 2024

Survey on credit terms and

Key Points:

Survey on credit terms and
conditions in euro-denominated
securities financing and OTC
derivatives markets (SESFOD)
March 2024
The Eurosystem conducts a three-monthly qualitative survey on credit terms and
conditions in euro-denominated securities financing and over-the-counter (OTC)
derivatives markets.
The survey questions are grouped into three sections:
1.
counterparty types ? credit terms and conditions for various counterparty
types in both securities financing and OTC derivatives markets;

2.

securities financing ? financing conditions for various collateral types;

3.

non-centrally cleared OTC derivatives ? credit terms and conditions for
various derivative types.
The survey focuses on euro-denominated instruments in securities financing and
OTC derivatives markets.
For securities financing, the survey refers to the
euro-denominated securities against which financing is provided, rather than the
currency of the loan.
Reporting institutions should report on their global credit terms, so the survey is
aimed at senior credit officers responsible for maintaining an overview of the
management of credit risks.
SESFOD March 2024
2

March 2024 SESFOD results
(Review period from December 2023 to February 2024)
The March 2024 Survey on credit terms and conditions in euro-denominated
securities financing and OTC derivatives markets (SESFOD) reports qualitative
changes in credit terms between December 2023 and February 2024.
Looking at credit terms and conditions for the various types of non-centrally cleared
OTC derivative, initial margin requirements increased slightly for all derivative types.
Survey respondents reported mostly unchanged conditions as regards the maximum
amount of exposure and the maximum maturity of trades.
Moreover, they reported that the volume of valuation disputes had
declined for all derivative types except credit derivatives.
The survey asked respondents to compare credit terms
and conditions on the cut-off date for the March 2024 survey round (i.e.
Compared with the
previous year, overall terms and conditions for securities financing and OTC
derivatives transactions had eased somewhat across all counterparties, while credit
standards for funding secured against various types of collateral and non-price terms
in OTC derivatives markets were generally tighter.
Credit terms and conditions for various counterparty types in both
securities financing and OTC derivatives markets
Overall credit terms and conditions eased between December 2023 and
February 2024 (Chart A).
The overall easing of conditions masked some
heterogeneity between price and non-price terms, and across different types of
counterparty, though reported changes were relatively small.
Credit terms and conditions for various types of non-centrally
cleared OTC derivative
Initial margin requirements increased slightly for all derivative types.
Meanwhile, they reported
unchanged conditions for credit derivatives referencing sovereigns and commodities,
as well as a slight deterioration for credit derivatives referencing corporates and
structured credit products.
The survey asked respondents to compare the credit terms and conditions observed
on the cut-off date for the March 2024 survey (i.e.
Compared with the previous year, overall terms and conditions for securities
financing and OTC derivatives transactions had eased somewhat across all
counterparties.
Survey respondents reported that non-price credit terms in OTC derivatives
markets had tightened somewhat for almost all types of derivative relative to
the previous year.

StakingFarm Introduces Novel Liquidity Pooling for Optimal Staking Rewards

Retrieved on:

Monday, April 1, 2024

Cardano, Ethereum, Bitcoin, Innovation, Growth, Q&A, Liquidity, Partnership, Risk, Education, Knowledge, Thought, ETH, Cryptocurrency

The platform plans to host a series of webinars, tutorials, and Q&A sessions to help users understand the nuances of liquidity pooling, staking strategies, and how to maximize their earnings with StakingFarm.

Key Points:

The platform plans to host a series of webinars, tutorials, and Q&A sessions to help users understand the nuances of liquidity pooling, staking strategies, and how to maximize their earnings with StakingFarm.
The Liquidity Pooled Staking Farm is just the beginning of what we hope will be a long and prosperous journey for our community."
For those looking to dive into the world of crypto staking or enhance their current staking strategies, StakingFarm's Liquidity Pooled Staking Farm presents an ideal opportunity.
With its innovative approach to staking and commitment to user success, StakingFarm is poised to lead the charge in the evolution of crypto staking.

Benson Hill Reports Solid Full-Year 2023 Financial Results, Strengthens Balance Sheet

Retrieved on:

Thursday, March 14, 2024

Science, Agriculture, Food Tech, Research, Natural Resources, Technology, Food, Beverage, Retail, Growth, Liquidity, Partnership, Genetics, Asset, Sale, Plant, Retirement, Benson E. Hill, Multimedia

Benson Hill , Inc. (NYSE:BHIL, the “Company” or “Benson Hill”), an ag-tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the year ended December 31, 2023.

Key Points:

Benson Hill , Inc. (NYSE:BHIL, the “Company” or “Benson Hill”), an ag-tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the year ended December 31, 2023.
(Graphic: Business Wire)
“2023 marked a year of significant progress and change for Benson Hill,” said Deanie Elsner, Chief Executive Officer of Benson Hill.
“We successfully demonstrated our ability to deliver our financial commitments in addition to taking the necessary steps to strengthen our balance sheet.
“Benson Hill finished 2023 on track and delivered on our projected financial commitments for the year,” said Dean Freeman, Chief Financial Officer of Benson Hill.

BGC Group Updates its Outlook for the First Quarter of 2024

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Thursday, March 28, 2024

NEW YORK, March 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.

Key Points:

NEW YORK, March 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the first quarter of 2024.
The Company's outlook was contained in BGC's financial results press release issued on February 14, 2024, which can be found at http://ir.bgcg.com .
In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the underlying operating performance of BGC.

BGC Group Updates its Outlook for the First Quarter of 2024

Retrieved on:

Thursday, March 28, 2024

NEW YORK, March 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.

Key Points:

NEW YORK, March 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the first quarter of 2024.
The Company's outlook was contained in BGC's financial results press release issued on February 14, 2024, which can be found at http://ir.bgcg.com .
In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the underlying operating performance of BGC.

LTX by Broadridge Integrates with TS Imagine to Improve Fixed Income Liquidity Access for Mutual Buy-Side Clients

Retrieved on:

Monday, March 25, 2024

Cloud, LTX, Market structure, Liquidity, Arhopala, Broadridge Financial Solutions

NEW YORK, March 25, 2024 /PRNewswire/ -- LTX , an AI-powered fixed income trading platform and subsidiary of global Fintech leader, Broadridge Financial Solutions , Inc. (NYSE:BR), today announced a successful integration with TS Imagine's Fixed Income Execution Management System, TradeSmart Fixed Income (TradeSmart).

Key Points:

NEW YORK, March 25, 2024 /PRNewswire/ -- LTX , an AI-powered fixed income trading platform and subsidiary of global Fintech leader, Broadridge Financial Solutions , Inc. (NYSE:BR), today announced a successful integration with TS Imagine's Fixed Income Execution Management System, TradeSmart Fixed Income (TradeSmart).
The integration offers mutual buy-side clients improved pre-trade transparency, price discovery and better access to aggregated liquidity within their existing workflows.
"We're pleased to integrate with TS Imagine, bringing pre-trade transparency and trading efficiencies to our mutual clients' workflows."
In addition to LTX order staging, TradeSmart Fixed Income users can submit their indications of interest (IOIs) into the LTX Liquidity Cloud®.

LTX by Broadridge Integrates with TS Imagine to Improve Fixed Income Liquidity Access for Mutual Buy-Side Clients

Retrieved on:

Monday, March 25, 2024

Cloud, LTX, Market structure, Liquidity, Arhopala, Broadridge Financial Solutions

NEW YORK, March 25, 2024 /PRNewswire/ -- LTX , an AI-powered fixed income trading platform and subsidiary of global Fintech leader, Broadridge Financial Solutions , Inc. (NYSE: BR), today announced a successful integration with TS Imagine's Fixed Income Execution Management System, TradeSmart Fixed Income (TradeSmart).

Key Points:

NEW YORK, March 25, 2024 /PRNewswire/ -- LTX , an AI-powered fixed income trading platform and subsidiary of global Fintech leader, Broadridge Financial Solutions , Inc. (NYSE: BR), today announced a successful integration with TS Imagine's Fixed Income Execution Management System, TradeSmart Fixed Income (TradeSmart).
The integration offers mutual buy-side clients improved pre-trade transparency, price discovery and better access to aggregated liquidity within their existing workflows.
"We're pleased to integrate with TS Imagine, bringing pre-trade transparency and trading efficiencies to our mutual clients' workflows."
In addition to LTX order staging, TradeSmart Fixed Income users can submit their indications of interest (IOIs) into the LTX Liquidity Cloud®.

Consumer participation in the credit market during the COVID-19 pandemic and beyond

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Tuesday, April 2, 2024

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We find that credit demand is highest when

Key Points:

We find that credit demand is highest when
the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
Credit is more likely to be
accepted under favourable borrowing conditions and after the approval of national recovery plans.
We also find
that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
the credit grant.
First, it adds to a rapidly growing literature on household
borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
We provide evidence that credit applications and credit acceptances display a different pattern over
time.
Credit is more likely to be accepted under favourable borrowing conditions and after the
approval of national recovery plans.
In almost all countries
households are significantly less likely to apply and to get their credit approved than in Germany.
In line with literature, we show that
demographic and economic factors affect the probability for credit applications and credit approval.
In addition,
the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
Introduction
The participation of households in the credit market receives wide attention in the consumer finance literature
because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
turn affect economic growth.
We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
measures consumer expectations and behaviour in the euro area.
Its panel dimension allows for an assessment of
how consumer behaviour changes over time and how consumers respond to critical economic shocks.
This way we can gauge how credit applications and credit acceptances change under different, almost
opposite, borrowing conditions.
We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
uncollateralized loans (consumer loans).
ECB Working Paper Series No 2922
3

We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.
The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
In almost all countries households are significantly less likely
to apply and to get their credit approved than in Germany.
However,
when it comes to credit acceptance, we observe that the two groups of households are more similar.
Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
debt.
The demand for
consumer credit is insignificant for liquid households and decreases significantly for constrained households in
the last two quarters of our timespan.
The first consists of a recently growing literature which
explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
of the COVID-19 pandemic.
(2020) report that credit card applications and new mortgage loans
declined during the first months of the pandemic in regions with more unemployment insurance claims.
Lu and
Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
(2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
of credit by Canadian consumers.
Our paper is also consonant with studies on the association between financial and demographic factors and
consumers? participation in the credit market as well as on the demand for specific types of credit.
January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
consequential lockdowns in the euro area.
4 If the
respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
Between 2021Q3 and 2022Q3 the acceptance
rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
to households during this period.
Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
(2023) ? who show that in the United States the local pandemic severity had a strong
negative effect on credit card spending early in the pandemic, which diminished over time.
First, we select mortgages and consumer credit as the two mostly reported categories for secured and
13

The full estimation results are reported in Table 3.
The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
and illiquid households.
It also shows that
subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
for credit.
In Bertola, G., Disney
R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
data.
Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.

Nexxen Reports Results for the Fourth Quarter and Year Ended December 31, 2023

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Wednesday, March 6, 2024

NEW YORK, March 06, 2024 (GLOBE NEWSWIRE) -- Nexxen International Ltd. (AIM/NASDAQ: NEXN) (“Nexxen” or the “Company”), a global, unified advertising technology platform with deep expertise in video and Connected TV (“CTV”), announced today its financial results for the fourth quarter and year ended December 31, 2023. The Company’s financial results for the fourth quarter and year ended December 31, 2023, as well as the fourth quarter ended December 31, 2022, reflect the combined financial performance of Nexxen and Amobee, while comparative figures for the year ended December 31, 2022 include Amobee contribution only from September 12, 2022 through December 31, 2022.

Key Points:

The Company’s financial results for the fourth quarter and year ended December 31, 2023, as well as the fourth quarter ended December 31, 2022, reflect the combined financial performance of Nexxen and Amobee, while comparative figures for the year ended December 31, 2022 include Amobee contribution only from September 12, 2022 through December 31, 2022.
CTV Revenue: CTV revenue was $19.9 million in Q4 2023, compared to $33.0 million in Q4 2022.
CTV revenue was $85.5 million for the year ended December 31, 2023, reflecting a 12% decrease from $97.2 million for the year ended December 31, 2022.
The Company added 372 new supply partners during the twelve months ended December 31, 2023, including 327 in the U.S.