euro money market survey 201311 en
TRANSCRIPT
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EURO MONEY MARKET SURVEY
NOVEMBER 2013
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EURO MONEY MARKET SURVEY
NOVEMBER 2013
In 2013 all ECBpubli cations
feature a motiftaken from the5 banknote .
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European Central Bank, 2013
Address
Kaiserstrasse 2960311 Frankfurt am MainGermany
Postal address
Postfach 16 03 19
60066 Frankfurt am MainGermany
Telephone
+49 69 1344 0
Website
http://www.ecb.europa.eu
Fax
+49 69 1344 6000
All rights reserved.
Reproduction for educational and non-commercial
purposes is permitted provided that the source is
acknowledged.
ISBN 978-92-899-1026-2 (online)ISSN 1830-7000 (online)EU catalogue number QB-YE-13-001-EN-N (online)
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Euro Money Market SurveyNovember 2013
CONTENTS
1 BREAKDOWN, BY COUNTRY, OF PARTICIPATING BANKS IN 2013 5
2 SUMMARY OF CROSS-MARKET ANALYSIS 6
2.1 Turnover analysis 62.2 Maturity analysis 82.3 Market structure 92.4 Qualitative assessment and development of the market structure 112.5 Perception of trading changes caused by changes to the risk limits in the reporting period 12
3 THE UNSECURED MARKET 13
3.1 Turnover analysis 133.2 Maturity analysis 143.3 Market structure 163.4 Qualitative assessment and development of the market structure 17
4 THE SECURED MARKET 18
4.1 Total secured market: turnover analysis 184.2 Total secured market: maturity analysis 194.3 Total secured market: market structure 214.4 Bilateral repos, including central counterparty (CCP) transactions: turnover analysis 224.5 Bilateral repos, including central counterparty (CCP) transactions: maturity analysis 244.6 Bilateral repos, including central counterparty (CCP) transactions: market structure 264.7 Triparty repos: turnover analysis 274.8 Triparty repos: maturity analysis 284.9 Total secured market: qualitative assessment and development of the market structure 30
5 THE SHORT-TERM SECURITIES MARKET
5.1 Turnover analysis in the secondary market 315.2 Qualitative assessment and development of the market structure 32
6 THE OVER-THE-COUNTER DERIVATIVES MARKET
6.1 Over-the-counter (OTC) derivatives: turnover analysis 336.2 Overnight index swaps (OISs): turnover analysis 34
6.3 Overnight index swaps (OISs): qualitative assessment and development of the market structure 366.4 Other interest rate swaps (IRSs): turnover analysis 376.5 Other interest rate swaps (IRSs): qualitative assessment and development of the market structure 396.6 Forward rate agreements (FRAs): turnover analysis 406.7 Forward rate agreements (FRAs): qualitative assessment and development of the market structure 426.8 Foreign exchange (FX) swaps and forwards: turnover analysis 436.9 Foreign exchange (FX) swaps and forwards: qualitative assessment and development of the market structure 466.10 Cross-currency swaps (Xccy swaps): turnover analysis 476.11 Cross-currency swaps (Xccy swaps): qualitative assessment and development of the market structure 496.12 Options and futures: qualitative assessment and development of the market structure 50
ANNEXES
Annex I Credit institutions participating in the ECBs 2013 Euro Money Market Survey 51Annex II Coordination of the ECBs 2013 Euro Money Market Survey 53
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4ECBEuro Money Market SurveyNovember 2013
COUNTRIES
BE BelgiumBG BulgariaCZ Czech RepublicDK DenmarkDE GermanyEE EstoniaIE IrelandGR GreeceES SpainFR FranceIT ItalyCY CyprusLV LatviaLT Lithuania
ABBREV IAT IONS
LU LuxembourgHU HungaryMT Malta
NL NetherlandsAT AustriaPL PolandPT PortugalRO RomaniaSI SloveniaSK SlovakiaFI FinlandSE SwedenUK United KingdomCH Switzerland
OTHERS
CCP central counterpartyFRAs forward rate agreementsFX swaps foreign exchange swapsOther IRSs other interest rate swapsOISs overnight index swapsO/N overnightOTC over the counterT/N tomorrow/next (day)S/N spot/next (day)ST securities short-term securitiesXccy swaps cross-currency swaps
Note:The data represented herein refer to the second quarter of the respective year.
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BANKS IN 2013
1BREAKDOWN BY COUNTRY OF PARTICIPATING
1.1 NUMBER OF PARTICIPATING BANKS PER COUNTRY
Number of banks
BELGIUM 3
BULGARIA 4
CZECH REPUBLIC 8
DENMARK 1
GERMANY 16
ESTONIA 3
IRELAND 6
GREECE 5
SPAIN 11
FRANCE 9
ITALY 8
CYPRUS 2
LATVIA 3
LITHUANIA 3
LUXEMBOURG 2
HUNGARY 3
MALTA 5
NETHERLANDS 5
AUSTRIA 8
POLAND 11
PORTUGAL 14
ROMANIA 3
SLOVENIA 3
SLOVAKIA 2
FINLAND 2
SWEDEN 3
UNITED KINGDOM 16
SWITZERLAND 2
TOTAL 161
Note: A detailed list of participating banks can be found in Annex I. Countries are listed in Protocol order, i.e. the alphabetical order of the country names in the respective national
language.
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2SUMMARY OF CROSS-MARKET ANALYSIS
2.1 TURNOVER ANALYSIS
Chart 1 Cumulative quarterly turnover in the euro money market
(EUR trillion)
0
10
20
30
40
50
60
70
80
90
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
10
20
30
40
50
60
70
80
90
unsecured
secured
OISs
FX swaps
other IRSs
Xccy swaps
FRAs
ST securities
Note: The panel comprised 104 credit institutions.
Chart 2 Cross-segment breakdown of cumulative quarterly turnover in the euro money market
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
unsecured
secured
OISs
FX swaps
other IRSs
Xccy swaps
FRAs
ST securities
Note: The panel comprised 104 credit institutions.
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Chart 3 Cumulative quarterly turnover in various money market segments
(index: total segment volume in 2003 = 100)
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
350
unsecured secured ST securities FX swaps
Note: The panel comprised 104 credit institutions.
Chart 4 Cumulative quarterly turnover in various money market segments(index: total segment volume in 2003 = 100)
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
350
other IRSs Xccy swaps FRAs OISs
Note: The panel comprised 104 credit institutions.
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8ECBEuro Money Market SurveyNovember 2013
2.2 MATURITY ANALYSIS
Chart 5 Maturity breakdown for various money market
segments in 2012 (percentages of total)
Chart 6 Maturity breakdown for v arious money market
segments in 2013 (percentages of total)
0
20
40
60
80
100
Unsecured OISs FRAs
Secured FX swaps
0
20
40
60
80
100
up to 1 week
1 week to 1 month
1 month to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
0
20
40
60
80
100
Unsecured OISs FRAs
Secured FX swaps
0
20
40
60
80
100
up to 1 week
1 week to 1 month
1 month to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 161 credit institutions.
Chart 7 Maturity breakdown for various money market
segments in 2012 (percentages of total)
Chart 8 Maturity breakdown for v arious money market
segments in 2013 (percentages of total)
0
20
40
60
80
100
Other IRS Xccy0
20
40
60
80
100
up to 1 year
1 to 2 years
1 to 5 years
5 to 10 years
more than 10 years
0
20
40
60
80
100
Other IRS Xccy0
20
40
60
80
100
up to 1 year
1 to 2 years
1 to 5 years
5 to 10 years
more than 10 years
Note: The panel comprised 161 credit institutions.
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2.3 MARKET STRUCTURE
Table 1 Concentration of unsecured market activity in 2013
(percentages of total)
Lending Borrowing
Top 5 credit institutions 56.5 43.3
Top 10 credit institutions 73.2 61.6
Top 20 credit institutions 86.3 80.3
Table 2 Concentration of secured market activity in 2013
(percentages of total)
Bilateral Bilateral Bilateral Bilateral Triparty Triparty Total Total
reverse repos repos reverse repos, repos, reverse repos repos reverse repos repos
CCP only CCP only
Top 5 credit institutions 40.7 34.3 41.4 41.7 79.1 64.4 39.9 36.1
Top 10 credit institutions 63.2 56.2 66.7 66.9 94.6 87.7 62.1 57.3
Top 20 credit institutions 89.0 80.7 91.2 88.4 100.0 99.1 88.2 82.4
Table 3 Concentration of activity in OTC derivatives and short-term securities in 2013
(percentages of total)
ST securities OISs Other IRSs FRAs FX swaps Xccy swaps
Top 5 credit institutions 52.5 48.3 78.6 65.7 42.7 76.1
Top 10 credit institutions 74.3 75.8 91.9 84.7 63.9 88.6
Top 20 credit institutions 90.0 94.1 97.3 98.0 83.4 96.9
Note: For Tables 1, 2 and 3, the panel comprised 161 credit institutions.
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Chart 9 Lorenz curve: concentration of activity in various market segments in 2013
(x axis: percentage of market participants; y axis: percentage of activity)
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
unsecured
OISs
FRAs
Xccy swaps
secured
FX swaps
other IRSs
ST securities
0 10 20 30 40 50 60 70 80 90 100
Note: The panel comprised 161 credit institutions.
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2.4 QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MONEY MARKET STRUCTURE
Chart 10 Is the euro money market (i.e. the different
segments) efficient?(percentages of total)
Chart 11 Has the market liquidity in the euro money
market changed with respect to last year? (percentages of total)
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
not efficient
limitedly efficient
sufficiently efficient
significantly efficient
extremely efficient
Unsecured
Repos
FX swaps
FRAs
OISs
other IRSs
Xccy swaps
ST-securities
Options
Futures
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
has worsened significantly
has worsened slightly
has not changed
has improved slightly
has improved significantly
Unsecured
Repos
FX swaps
FRAs
OISs
Other IRSs
Xccy swaps
ST securities
Options
Futures
Note: The panel comprised 161 credit institutions.
Chart 12 Counterparty structure of various money marketsegments in 2013 (percentages of total)
Chart 13 Trading structure of various money market
segments in 2013 (percentages of total)
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
national
euro area
other
Unsecured
Secured
FX swaps
FRAs
OISs
Other IRSs
Xccy swaps
ST securities
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
direct trading
voice broker
electronic trading
Unsecured
Secured
FX swaps
FRAs
OISs
Other IRSs
Xccy swaps
ST securities
Note: The panel comprised 161 credit institutions.
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2.5 PERCEPTION OF TRADING CHANGES CAUSED BY CHANGES TO THE RISK LIMITS IN THE REPORTING PERIOD
Table 4 Perceived impact of limit changes on turnover
(number of banks)
2012 2013
Will Will Will No opinion Total Will Will Will No opinion Total
contract not change expand contract not change expand
Contracted 36 34 0 0 70 23 16 2 0 41
Has not changed 4 67 3 0 74 8 94 3 3 108
Expanded 1 3 2 0 6 2 4 4 0 10 No opinion 0 0 0 11 11 0 0 0 2 2
Total 41 104 5 11 161 33 114 9 5 161
Table 5 Perceived impact of limit changes on turnover
(percentages of turnover reported)
2012 2013
Will Will Will No opinion Total Will Will Will No opinion Total
contract not change expand contract not change expand
Contracted 17.6 10.0 0.0 0.0 27.6 7.8 6.4 0.3 0.0 14.5
Has not changed 16.2 38.0 3.3 0.0 57.5 14.2 55.9 0.1 5.9 76.2
Expanded 0.0 1.2 0.0 0.0 1.2 7.7 0.1 1.6 0.0 9.3
No opinion 0.0 0.0 0.0 13.7 13.7 0.0 0.0 0.0 0.0 0.0
Total 33.8 49.2 3.3 13.7 100.0 29.7 62.4 2.0 5.9 100.0
Table 6 Perceived impact of limit changes on the number of participants
(number of banks)
2012 2013
Will Will Will No opinion Total Will Will Will No opinion Total
contract not change expand contract not change expand
Contracted 48 46 0 0 94 30 21 2 0 53
Has not changed 2 48 4 0 54 4 84 4 3 95
Expanded 0 0 2 0 2 2 4 4 0 10
No opinion 0 0 0 11 11 0 0 0 3 3
Total 50 94 6 11 161 36 109 10 6 161
Table 7 Perceived impact of limit changes on the number of participants
(percentages of turnover reported)
2012 2013
Will Will Will No opinion Total Will Will Will No opinion Total
contract not change expand contract not change expand
Contracted 31.4 13.2 0.0 0.0 44.6 25.2 5.0 0.3 0.0 30.5
Has not changed 0.4 38.0 3.3 0.0 41.7 0.2 50.5 0.1 5.9 56.7
Expanded 0.0 0.0 0.0 0.0 0.0 7.7 3.5 1.6 0.0 12.7
No opinion 0.0 0.0 0.0 13.7 13.7 0.0 0.0 0.0 0.0 0.0
Total 31.8 51.2 3.3 13.7 100.0 33.1 58.9 2.0 5.9 100.0
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3THE UNSECURED MARKET
3.1 TURNOVER ANALYSIS
Chart 14 Cumulative quarterly turnover in unsecured cash lending and borrowing
(index: cash lending volume in 2003 = 100)
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
lending
borrowing
Note: The panel comprised 104 credit institutions.
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3.2 MATURITY ANALYSIS
Chart 15 Maturity breakdown for cumulative quarterly turnover in unsecured lending
(index: cash lending volume in 2003 = 100)
0
20
40
60
80
100
120
140
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
140
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 16 Maturity breakdown for cumulative quarterly turnover in unsecured borrowing
(index: cash borrowing volume in 2003 = 100)
0
20
40
60
80
100
120
140
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
140
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 17 Breakdown, by maturity, of cumulative quarterly
turnover in unsecured lending (percentages of total)
Chart 18 Breakdown, by maturity, of cumulative quarterly
turnover in unsecured borrowing (percentages of total)
0
20
40
60
80
100
0
20
40
60
80
100
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
20
40
60
80
100
0
20
40
60
80
100
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 19 Maturity-weighted breakdown of cumulative
quarterly turnover in unsecured lending (percentages of total)
Chart 20 Maturity-weighted breakdown of cumulative
quarterly turnover in unsecured borrowing (percentages of total)
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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3.3 MARKET STRUCTURE
Chart 21 Breakdown, by geographical counterparty, of
unsecured market in 2012 (percentages of total)
Chart 22 Breakdown, by geographical counterparty, of
unsecured market in 2013 (percentages of total)
National (46.7%)
Euro area (32.8%)
Other (20.5%)
National (49.8%)
Euro area (26.8%)
Other (23.3%)
Note: The panel comprised 161 credit institutions.
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3.4 QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 23 Is the unsecured market efficient?
(percentages of total)
Chart 24 Has the market l iquidity in the unsecured market
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 25 Counterparty structure of unsecured transactions
(percentages of total)
Chart 26 Trading structure of unsecured transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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4THE SECURED MARKET
4.1 TOTAL SECURED MARKET: TURNOVER ANALYSIS
Chart 27 Cumulative quarterly turnover in secured cash lending and borrowing
(index: cash lending volume in 2003 = 100)
0
50
100
150
200
250
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
lending
borrowing
Note: The panel comprised 104 credit institutions.
Chart 28 Breakdown of total secured market
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
bilateral bilateral repos, non-CCP transactions only (reporting started in 2009)
bilateral repos, CCP transactions only (reporting started in 2009)triparty repos
Note: The panel comprised 104 credit institutions.
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4.2 TOTAL SECURED MARKET: MATURITY ANALYSIS
Chart 29 Maturity breakdown for cumulative quarterly ternover in secured lending
(index: secured lending volume in 2003 = 100)
0
50
100
150
200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 30 Maturity breakdown for cumulative quarterly ternover in secured borrowing
(index: secured borrowing volume in 2003 = 100)
0
50
100
150
200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 31 Breakdown, by maturity, of cumulative quarterly
turnover in secured lending (percentages of total)
Chart 32 Breakdown, by maturity, of cumulative quarterly
turnover in secured borrowing (percentages of total)
0
10
20
30
40
50
0
10
20
30
40
50
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
10
20
30
40
50
0
10
20
30
40
50
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 104 credit institutions.
Chart 33 Maturity-weighted breakdown of cumulative
quarterly turnover in secured lending (percentages of total)
Chart 34 Maturity-weighted breakdown of cumulative
quarterly turnover in secured borrowing (percentages of total)
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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4.3 TOTAL SECURED MARKET: MARKET STRUCTURE
Chart 35 Breakdown, by geographical counterparty, of thesecured market in 2012 (percentages of total)
Chart 36 Breakdown, by geographical counterparty, of the
secured market in 2013 (percentages of total)
National (30.9%)
Euro area (50.0%)
Other (19.0%)
National (30.8%)
Euro area (50.3%)
Other (18.9%)
Note: The panel comprised 161 credit institutions.
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4.4 BILATERAL REPOS, INCLUDING CCP TRANSACTIONS: TURNOVER ANALYSIS
Chart 37 Cumulative quarterly turnover in bilateral repo cash lending and borrowing
(index: cash lending volume in 2003 = 100)
0
50
100
150
200
250
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
lending
borrowing
Note: The panel comprised 104 credit institutions.
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Chart 38 Quarterly turnover in bilateral repo lending that is indexed on a floating rate(percentages of total volume in the maturity bucket)
0
5
10
15
20
25
30
35
40
45
0
5
10
15
20
25
30
35
40
45
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 39 Quarterly turnover in bilateral repo borrowing that is indexed on a floating rate
(percentages of total volume in the maturity bucket)
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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4.5 BILATERAL REPOS, INCLUDING CCP TRANSACTIONS: MATURITY ANALYSIS
Chart 40 Maturity breakdown for cumulative quarterly turnover in bilateral repo lending
(index: bilateral repo lending volume in 2003 = 100)
0
50
100
150
200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1-3 months
3-6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 41 Maturity breakdown for cumulative quarterly turnover in bilateral repo borrowing
(index: bilateral repo borrowing volume in 2003 = 100)
0
20
40
60
80
100
120
140
160
180
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
140
160
180
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1-3 months
3-6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 42 Breakdown, by maturity, of cumulative quarterly
turnover in bilateral repo lending (percentages of total)
Chart 43 Breakdown, by maturity, of cumulative quarterly
turnover in bilateral repo borrowing (percentages of total)
0
10
20
30
40
50
0
10
20
30
40
50
2012 non-CCP 2012 CCP
2013 non-CCP 2013 CCP
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
10
20
30
40
50
0
10
20
30
40
50
2012 non-CCP 2012 CCP
2013 non-CCP 2013 CCP
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 44 Maturity-weighted breakdown of cumulative
turnover in bilateral repo lending (percentages of total)
Chart 45 Maturity-weighted breakdown of cumulative
turnover in bilateral repo borrowing (percentages of total)
0
10
20
30
40
50
0
10
20
30
40
50
2012 non-CCP 2012 CCP
2013 non-CCP 2013 CCP
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
10
20
30
40
50
0
10
20
30
40
50
2012 non-CCP 2012 CCP
2013 non-CCP 2013 CCP
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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4.6 BILATERAL REPOS, INCLUDING CCP TRANSACTIONS: MARKET STRUCTURE
Chart 46 Geographical breakdown of collateral
in the bilateral repo market in 2012 (percentages of total)
Chart 47 Geographical breakdown of collateral
in the bilateral repo market in 2013 (percentages of total)
national (38.0%)
euro area (59.0%)
other (3.0%)
national (36.5%)
euro area (61.0%)
other (2.5%)
Note: The panel comprised 161 credit institutions.
Chart 48 Geographical breakdown of collateral in bilateral
secured lending (percentages of total)
Chart 49 Geographical breakdown of collateral in bilateral
secured borrowing (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
Note: The panel comprised 104 credit institutions.
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4.7 TRIPARTY REPOS MARKET: TURNOVER ANALYSIS
Chart 50 Cumulative quarterly turnover in triparty repo cash lending and borrowing
(index: cash lending volume in 2003 = 100)
0
200
400
600
800
1000
1200
1400
1600
1800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
200
400
600
800
1000
1200
1400
1600
1800
lending
borrowing
Note: The panel comprised 104 credit institutions.
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4.8 TRIPARTY REPOS: MATURITY ANALYSIS
Chart 51 Breakdown, by maturity, of cumulative quarterly turnover in triparty repo lending
(index: triparty repo lending volume in 2003 = 100)
0
100
200
300
400
500
600
700
800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
100
200
300
400
500
600
700
800
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1-3 months
3-6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 52 Breakdown, by maturity, of cumulative quarterly turnover in triparty repo borrowing
(index: triparty repo borrowing volume in 2003 = 100)
0
50
100
150
200
250
300
350
400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
350
400
O/N
T/N
S/N
less than 1 week
1 week to 1 month
1-3 months
3-6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 53 Breakdown, by maturity, of cumulative quarterly
turnover in triparty repo lending (percentages of total)
Chart 54 Breakdown, by maturity, of cumulative quarterly
turnover in triparty repo borrowing (percentages of total)
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 55 Maturity-weighted breakdown of cumulative
quarterly turnover in triparty repo lending (percentages of total)
Chart 56 Maturity-weighted breakdown of cumulative
quarterly turnover in triparty repo borrowing (percentages of total)
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
2012
2013
O/N T/N S/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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4.9 TOTAL SECURED MARKET: QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 57 Is the secured market opinion efficient?
(percentages of total)
Chart 58 Has the market liquidity in the secured market
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 59 Counterparty structure of secured transactions
(percentages of total)
Chart 60 Trading structure of secured transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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5THE SHORT-TERM SECURITIES MARKET
5.1 TURNOVER ANALYSIS IN THE SECONDARY MARKET
Chart 61 Cumulative quarterly turnover in outright transactions
(index: outright transaction volume in 2003 = 100)
0
50
100
150
200
250
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
government issues
credit institution issues
non-credit institution issues
Note: The panel comprised 104 credit institutions.
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5.2 QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 62 Is the short-term securities market efficient?
(percentages of total)
Chart 63 Has the market l iquidity for short-term securities
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 64 Counterparty structure of short-termsecurities transactions(percentages of total)
Chart 65 Trading structure of short-term securities
transactions(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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6THE OVER-THE-COUNTER DERIVATIVES MARKET
6.1 THE OVER-THE-COUNTER (OTC) DERIVATIVES: TURNOVER ANALYSIS
Chart 66 Cumulative quarterly turnover in various OTC derivatives markets
(index: OTC derivatives volume in 2003 = 100)
0
20
40
60
80
100
120
140
160
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
140
160
OISs
FX swaps
other IRSs
Xccy swaps
FRAs
Note: The panel comprised 104 credit institutions.
Chart 67 Breakdown of total OTC derivatives market
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
OISs
FX swaps
other IRSs
Xccy swaps
FRAs
Note: The panel comprised 104 credit institutions.
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6.2 OVERNIGHT INDEX SWAPS (OISs): TURNOVER ANALYSIS
Chart 68 Cumulative quarterly turnover in the OIS segment
(index: OIS volume in 2003 = 100)
0
20
40
60
80
100
120
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 69 Maturity breakdown for cumulative quarterly turnover in the OIS segment
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 70 Breakdown, by maturity, of cumulative quarterly turnover in the OIS segment
(percentages of total)
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 71 Maturity-weighted breakdown of cumulative quarterly turnover in the OIS segment
(percentages of total)
0
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
2012
2013
Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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6.3 OVERNIGHT INDEX SWAPS (OISs): QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 72 Is the OIS segment efficient?
(percentages of total)
Chart 73 Has the market liquidity in the OIS segment
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 74 Counterparty structure of OIS transactions
(percentages of total)
Chart 75 Trading structure of OIS transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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Euro Money Market SurveyNovember 2013
6.4 OTHER INTEREST RATE SWAPS (IRSs): TURNOVER ANALYSIS
Chart 76 Cumulative quarterly turnover in the IRS segment
(index: IRS volume in 2003 = 100)
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
350
up to 1 year
1 to 2 years
2 to 5 years
5 to 10 years
more than 10 years
Note: The panel comprised 104 credit institutions.
Chart 77 Development of maturity breakdown of cumulative quarterly turnover in the IRS segment
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
up to 1 year
1 to 2 years
2 to 5 years
5 to 10 years
more than 10 years
Note: The panel comprised 104 credit institutions.
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Chart 78 Breakdown, by maturity, of cumulative quarterly turnover in the IRS segment
(percentages of total)
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
Up to1 year
1 yearto
2 years
2 to 5years
5 to 10years
More than10 years
Note: The panel comprised 161 credit institutions.
Chart 79 Maturity-weighted breakdown of cumulative quarterly turnover in the IRS segment
(percentages of total)
0
10
20
30
40
50
60
0
10
20
30
40
50
60
2012
2013
Up to1 year
1 yearto
2 years
2 to 5years
5 to 10years
More than10 years
Note: The panel comprised 161 credit institutions.
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6.5 OTHER INTEREST RATE SWAPS (IRSs): QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 80 Is the other IRS segment efficient?
(percentages of total)
Chart 81 Has the market liquidity in the other IRS segment
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 82 Counterparty structure of other IRS transactions
(percentages of total)
Chart 83 Trading structure of other IRS transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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6.6 FORWARD RATE AGREEMENTS (FRAs): TURNOVER ANALYSIS
Chart 84 Cumulative quarterly turnover in the FRA segment
(index: FRA volume in 2003 = 100)
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
350
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 85 Development of the maturity b reakdown of the cumulative quarterly turnover in the FRA segment
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 86 Breakdown, by maturity, of cumulative quarterly turnover in the FRA segment
(percentages of total)
0
5
10
15
20
25
30
35
40
45
0
5
10
15
20
25
30
35
40
45
2012
2013
Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 87 Maturity-weighted breakdown of cumulative quarterly turnover in the FRA segment
(percentages of total)
0
10
20
30
40
50
60
0
10
20
30
40
50
60
2012
2013
Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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6.8 FOREIGN EXCHANGE (FX) SWAPS AND FOREIGN EXCHANGE (FX) FORWARDS: TURNOVER ANALYSIS
Chart 92 Cumulative quarterly turnover in the FX swaps and forwards segment
(index: FX swaps volume in 2003 = 100)
0
20
40
60
80
100
120
140
160
180
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
120
140
160
180
O/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
Chart 93 Development of the maturity b reakdown of the cumulative quarterly turnover in the FX swaps and forwards
segment (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
O/N
less than 1 week
1 week to 1 month
1 to 3 months
3 to 6 months
6 months to 1 year
more than 1 year
Note: The panel comprised 104 credit institutions.
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Chart 94 Breakdown, by maturity, of cumulative quarterly turnover in the FX swaps and forwards segment
(percentages of total)
0
5
10
15
20
25
30
35
40
45
0
5
10
15
20
25
30
35
40
45
2012
2013
O/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
Chart 95 Maturity-weighted breakdown of cumulative quarterly turnover in the FX swaps and forwards segment
(percentages of total)
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
2012
2013
O/N Lessthan
1 week
1 weekto
1 month
1 monthto
3 months
3 to 6months
6 monthsto
1 year
Morethan
1 year
Note: The panel comprised 161 credit institutions.
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Chart 96 Breakdown, by currency, of transaction in theFX swaps and forwards segment in 2012 (percentages of total)
Chart 97 Breakdown, by currency, of transaction in the
FX swaps and forwards segment in 2013 (percentages of total)
EUR/USD (76.4%)
EUR/CHF (4.7%)
EUR/JPY (3.5%)
EUR/GBP (8.0%)
Other (7.4%)
EUR/USD (76.5%)
EUR/CHF (4.2%)
EUR/JPY (2.8%)
EUR/GBP (6.6%)
Other (9.9%)
Note: The panel comprised 161 credit institutions.
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6.9 FOREIGN EXCHANGE (FX) SWAPS AND FOREIGN EXCHANGE (FX) FORWARDS: QUALITATIVE ASSESSMENT AND DEVELOPMENTOF THE MARKET STRUCTURE
Chart 98 Is the FX swaps segment efficient?
(percentages of total)
Chart 99 Has the market liquidity in the FX swaps segment
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 100 Counterparty structure of FX swap transactions
(percentages of total)
Chart 101 Trading structure of FX swap transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
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6.10 CROSS-CURRENCY SWAPS (Xccy swaps): TURNOVER ANALYSIS
Chart 102 Cumulative quarterly turnover in the Xccy swaps segment
(index: Xccy swaps volume in 2003 = 100)
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
50
100
150
200
250
300
up to 1 year
1 to 2 years
2 to 5 years
5 to 10 years
more than 10 years
Note: The panel comprised 104 credit institutions.
Chart 103 Development of the maturity breakdown of the cumulative quarterly turnover in the Xccy swaps
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
up to 1 year
1 to 2 years
2 to 5 years
5 to 10 years
more than 10 years
Note: The panel comprised 104 credit institutions.
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48ECBEuro Money Market SurveyNovember 2013
Chart 104 Breakdown, by maturity, of cumulative quarterly turnover in the Xccy swaps segment
(percentages of total)
0
5
10
15
20
25
30
0
5
10
15
20
25
30
2012
2013
Up to1 year
1 yearto
2 years
2 to 5years
5 to 10years
More than10 years
Note: The panel comprised 161 credit institutions.
Chart 105 Maturity-weighted breakdown of cumulative quarterly turnover in the Xccy swaps segment
(percentages of total)
0
10
20
30
40
50
60
0
10
20
30
40
50
60
2012
2013
Up to1 year
1 yearto
2 years
2 to 5years
5 to 10years
More than10 years
Note: The panel comprised 161 credit institutions.
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49ECB
Euro Money Market SurveyNovember 2013
6.11 CROSS-CURRENCY SWAPS (Xccy swaps): QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 106 Is the Xccy swaps segment efficient?(percentages of total)
Chart 107 Has the market liquidity in the Xccy swaps
segment changed with respect to last y ear?(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 108 Counterparty structure of Xccy swap transactions
(percentages of total)
Chart 109 Trading structure of Xccy swap transactions
(percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
national
euro area
other
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
direct trading
voice broker
electronic trading
Note: The panel comprised 104 credit institutions.
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50ECBEuro Money Market SurveyNovember 2013
6.12 OPTIONS AND FUTURES: QUALITATIVE ASSESSMENT AND DEVELOPMENT OF THE MARKET STRUCTURE
Chart 110 Is the options segment efficient?
(percentages of total)
Chart 111 Has the market liquidity in the options market
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
n.a.n.a. n.a. n.a.0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
n.a.n.a. n.a. n.a.
* Reporting started in 2012.Note: The panel comprised 104 credit institutions.
Chart 112 Is the futures segment efficient?
(percentages of total)
Chart 113 Has the market li quidity in the futures market
changed with respect to last year? (percentages of total)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
limitedly and not efficient
not efficient*
limitedly efficient*
sufficiently efficient
significantly efficient
extremely efficient
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130
20
40
60
80
100
has worsened
significantly*
slightly*
has not changed
has improved slightly
has improved significantly
* Reporting started in 2012.
Note: The panel comprised 104 credit institutions.
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BE Belfius Banque S.A. ES Banco Bilbao Vizcaya Argentaria S.A. (BBVA)BE BNP Paribas Fortis S.A. ES Banco Cooperativo Espaol S.A.BE KBC Bank N.V. ES Banco de Sabadell S.A.BG BNP Paribas S.A. ES Banco Popular Espaol S.A.BG DSK Bank ES Banco Santander S.A.BG Eurobank Bulgaria ES Bankia S.A.BG United Bulgarian Bank ES Bankinter S.A.CZ esk spoitelna, a.s. ES Caixa Bank S.A.CZ eskoslovensk obchodn banka, a.s. ES Catalunya Banc S.A.CZ Citibank Europe plc ES Cecabank S.A.CZ HSBC Bank plc ES ING Direct, N.V. S.E.CZ ING Bank N.V. FR BNP paribasCZ Komern banka, a.s. FR BPCECZ The Royal Bank of Scotland plc FR Bred Banque PopulaireCZ UniCredit Bank Czech Republic a.s. FR Crdit Agricole CIBDK Danske Bank A/S FR Crdit Agricole S.A.DE BayernLB FR Crdit Industriel et Commercial CicDE BHF-BANK AG FR HSBC FranceDE Commerzbank AG FR NATIXISDE DekaBank Deutsche Girozentrale FR Socit GnraleDE Deutsche Bank AG IT Banca IMI SpaDE Deutsche Postbank AG IT Banca Monte dei Paschi di Siena SpaDE DZ BANK AG IT Banca Nazionale del Lavoro Spa (BNL)DE Hamburger Sparkasse AG IT BNP Paribas S.A.DE HSH Nordbank AG IT Dexia Crediop SpaDE Landesbank Baden-Wrttemberg IT Intesa Sanpaolo SpaDE Landesbank Berlin AG IT UBI Banca (Unione di Banche Italiane Scpa)DE Landesbank Hessen-Thringen Girozentrale IT UniCredit SpaDE Landwirtschaftliche Rentenbank CY Bank of Cyprus Public Company LtdDE SEB AG CY Hellenic Bank Public Company LtdDE UniCredit Bank AG LV AS Rietumu BankaDE WGZ BANK AG LV AS SEB bankaEE AS Bigbank LV AS Swedbank
EE AS Eesti Krediidipank LT AB DNB bankasEE AS LHV Pank LT AB SEB bankasIE Allied Irish Banks plc LT Swedbank, ABIE Permanent tsb plc LU Banque et Caisse dpargne de ltat, LuxembourgIE Rabobank Ireland plc LU KBL European Private Bankers S.A.IE The Governor and Company of the Bank of Ireland HU ING Bank N.V. Magyarorszgi FiktelepeIE Ulster Bank Ireland Limited HU K and H Bank Zrt.IE UniCredit Bank Ireland plc HU UniCredit Bank Hungary Zrt.GR Alpha Bank S.A. MT Akbank TASGR EFG Eurobank Ergasias S.A. MT Bank of Valletta plcGR HSBC Bank plc MT FIMBank plcGR National Bank of Greece S.A. MT HSBC Bank Malta plc
GR Piraeus Bank S.A. MT Turkiye Garanti Bankasi AS
ANNEX I
CREDIT INSTITUTIONS PARTICIPATING IN THE ECBS 2013
EURO MONEY MARKET SURVEY
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NL ABN AMRO Bank N.V. PT Deutsche Bank (Portugal) SANL Bank Nederlandse Gemeenten N.V. PT Ita BBA International PLCNL Coperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank)RO Banca Comerciala Romana S.A.RO BRD Groupe Socit Gnrale S.A.
NL F. van Lanschot Bankiers N.V. RO RBS Bank (Romania) S.A.NL ING Bank N.V. SI Abanka vipa D.D.AT Allgemeine Sparkasse Obersterreich Bank AG SI Nova ljubljanska banka D.D., LjubljanaAT Erste Group Bank AG SI Unicredit banka slovenija D.D.AT Oberbank AG SK eskoslovensk obchodn banka, A.S.AT sterreichische Volksbanken-AG SK Veobecn verov banka, A.S. (VUB)AT Raiffeisen Bank International AG FI Nordea Bank Finland AbpAT Raiffeisenlandesbank Niedersterreich-Wien AG FI Pohjola Pankki OyjAT Raiffeisen-Landesbank Steiermark AG SE Skandinaviska Enskilda Banken AB (publ) (SEB)AT UniCredit Bank Austria AG SE Svenska Handelsbanken AB (publ)PL Bank BPH S.A. SE Swedbank AB (publ)PL Bank Handlowy w Warszawie S.A. UK Abbey National Treasury Services plcPL Bank Polska Kasa Opieki S.A. (Bank Pekao S.A.) UK Banco do Brasil SAPL Bank Zachodni WBK S.A. UK Banco Espirito Santo SAPL Deutsche Bank Polska S.A. UK Barclays Bank plcPL Getin Noble Bank S.A. UK BNP ParibasPL ING Bank lski S.A. UK Citibank NAPL Invest-Bank S.A. UK Credit Agricole Corporate and Investment Bank PL Powszechna Kasa Oszczdnoci Bank Polski S.A.
(PKO BP)UK Credit Suisse AGUK Deutsche Bank AG
PL Raiffeisen Bank Polska S.A. UK Goldman Sachs International Bank PL Socit Gnrale S.A. Oddzia w Polsce UK HSBC Bank plcPT Banco BIC Portugus SA UK JP Morgan Chase Bank PT Banco BPI SA UK Lloyds TSB Bank plcPT Banco Comercial Portugus SA UK Merrill Lynch International Bank LimitedPT Banco do Brasil AG Sucursal em Portugal UK Standard Bank plcPT Banco Esprito Santo SA UK The Royal Bank of Scotland plcPT Banco Finantia SA CH UBS AGPT Banco Santander Totta SA CH Zuercher Kantonalbank AG (ZKB)
PT BANIF-Banco Internacional do Funchal SAPT Barclays Bank plcPT Caixa Central Caixa Central de Crdito Agrcola
Mtuo, CRLPT Caixa Econmica Montepio GeralPT Caixa Geral de Depsitos SA
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Euro Money Market SurveyNovember 2013
The ECBs 2013 Euro Money Market Survey was conducted by a working group, comprising staff members from the ECB andthe national central banks (NCBs), which reported to the ESCBs Market Operations Committee.
ANNEX I I
COORDINATION OF THE ECBS 2013 EURO MONEY MARKET SURVEY
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