Costas Stephanou and Matteo Aquilina from the Financial Stability Board (FSB) discuss the fragilities in the non-bank financial intermediation sector that were revealed in March 2020 with the onset of the COVID-19 pandemic and the work of the FSB to address these risks. Non-bank financial intermediaries include money market mutual funds, other open-ended funds, asset managers, non-bank corporate bond dealers, and derivatives central counterparties. The sector was on the bring of collapse in March 2020 before central banks took extraordinary and unprecedented action.
Related Links
Enhancing the Resilience of Non-Bank Financial Intermediation: Progress report(November 2021)
Policy proposals to enhance money market fund resilience: Final report (October 2021)
Global Monitoring Report on Non-Bank Financial Intermediation 2020 (December 2020)
Holistic Review of the March Market Turmoil (November 2020)
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