Assessing the effects of post-crisis regulatory reforms on liquidity in the Singapore government securities and MAS bills market

• Main Author: SEQUEIRA, John M.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2018
• Subjects: Monetary policy; financial market; Singapore; Asian Studies; Economic Policy; Finance and Financial Management; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6641; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7640/viewcontent/FSR_2018_BoxE_pv.pdf
• Institution: Singapore Management University

The FSB initiated in 2017 an evaluation of the effects of post-crisis regulatory reforms, by developing a framework to assess whether the reforms are achieving their intended outcomes and identify any material unintended consequences. In tandem, MAS established an evaluation framework, which covers four broad impact areas, comprising FIs, financial markets, financial end-users and the broader financial landscape. Internationally, there have been particular concerns over whether post-crisis reforms may have impaired liquidity conditions in specific financial markets. We provide an assessment of the effects of the reforms on liquidity in a key market in Singapore, the SGS and MAS bills market. We hope this box would contribute to the ongoing international assessment in a very challenging area.