While the financial world’s attention is fixed on the global macro economy, Brexit and, China, something has been going on with USD Libor fixings. The past couple of weeks have seen a sharp increase in USD Libor fixings and widening in USD Libor (as shown in the chart below) a development at Deutsche Bank blames on incoming US money market regulations, which starts to take effect on 14 October. Considering the reliance of the global financial system on dollar funding via US money market funds, and the size of the US money market industry, the wider market implications of these moves…
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