Back Office Front Office Investment Market Operations Analysis Market Operations Systems

Back Office Front Office Investment Market Operations Analysis Market Operations Systems Directorate General Market Operations Francesco Papadia Deputies Paul Mercier , Werner Studener

Statistics .

The time of settlement of the main and the longer term refinancing operations normally coincides with the time of reimbursement of a previous operation of corresponding maturity .

Divisions Back Office Front Office Investment Market Operations Analysis Market Operations Systems Risk Management 2

Internal Audit ( Directorate )

Open market operations

OPEN MARKET OPERATIONS

TYPE OF INSTRUMENT The Eurosystem may invite counterparties to place remunerated fixed term deposits with the national central bank in the Member State in which the counterparty is established .

Divisions Financial Operations Services Front Office Investment Market Operations Analysis Market Operations Systems

EU Neighbouring Regions

International Policy Analysis

Market Operations Analysis

Market Operations Systems

3 Open market operations the asset is transferred to the creditor , while the parties agree to reverse the transaction through a re transfer of the asset to the debtor at a future point in time ) or as collateralised loans ( i.e. an enforceable security interest is provided over the assets but , assuming fulfilment of the debt obligation , the ownership of the asset is retained by the debtor ) .

International European Relations ( Directorate General )

Market Operations and Research .

Open market operations 1.3.2 .

Market Operations ( Directorate General )

For open market operations .

The principle of safety requires that the Eurosystem 's financial and operational risks be kept to a minimum .

Settlement of open market operations

DG Market Operations

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations

Overview of the monetary policy framework Open market operations Main refinancing Reverse transactions operations Longer term refinancing operations Fine tuning operations Reverse transactions

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions One week Three months Weekly Monthly Standard tenders Standard tenders

The operational features of the main refinancing operations can be summarised as follows they are liquidity providing operations

For open market operations .

The operational features of the main refinancing operations can be summarised as follows they are operations

Settlement of open market operations 5.3.3 .

Four categories of open market operations

CHAPTER 3 Open market operations 3.1 .

Open market operations and standing facilities

13 CHAPTER 3 OPEN MARKET OPERATIONS Open market operations play an important role in the Eurosystem 's monetary policy .

Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank ( or the ECB ) .

Market Operations Committee ( MOC ) Francesco Papadia

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Two weeks Weekly Standard tenders

Liquidity providing OPEN MARKET OPERATIONS Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Reverse transactions Foreign exchange swaps Liquidity absorbing

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Reverse transactions Foreign exchange swaps One week Three months Weekly Monthly Standard tenders Standard tenders

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions One week Three months Weekly Monthly Standard tenders Standard tenders

Market abuse consists of insider dealing and market manipulation .

As a consequence , the outstanding volume of refinancing operations was driven not by the supply considerations of the Eurosystem , but rather by demand from counterparties , reflecting their underlying liquidity preferences .

Open market operations Main refinancing Reverse operations transactions Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Foreign exchange swaps One week Three months Weekly Monthly Standard tenders Standard tenders

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions One week Weekly Standard tenders