Benoît Nguyen

Our next #ECBMoneyMarketsConference will take place on Nov 5-6 this year. This conference is one of our flagship events and a must for anyone interested in money markets. Please make sure to submit your papers by 31 May! ecb.europa.eu/press/conferen…

🚨New in the Journal of International Money and Finance 🚨 ➡️with @benoit_nguyen (@ecb) and Paul Gardin (@ecb) 💡 Our paper uncovers a new link between stablecoins and short-term funding markets. Here’s what we find 👇 sciencedirect.com/science/articl…

ICYMI: The CBER-Forum is very excited to announce that we are inviting grant proposals for groundbreaking crypto and blockchain economics-related research. More details are here: cber-forum.org/ctce-funding Our goal is to advance the profession's understanding of DeFi and blockchain and to contribute positively to the evolution of the space. A successful proposal identifies a research question of contemporary relevance to blockchain and cryptoeconomics and provides a rigorous methodology to answer the question. Topics of interest include but are not limited to Maximal Extractable Value, Restaking, Layer 2s, Order Flow Auction Design, Uniswap v4 and DeFi Regulation. Funding will be determined on a competitive basis and will be up to $50,000 per funded proposal. This funding corresponds to a time period of a year, and funded grants may apply for renewal in the following year. We look forward to seeing your proposals, and we thank the UniSwap Foundation for their generous support for our community!!!

Fed's Standing Repo Facility tapped for the first time in size in... forever! Quarter end (and settlements)! So, 450bn in RRP and SRF also tapped. How does that even happen? Disintermediation led to a large enough spike in Repo...to make it worth intermediating 😂

TO ALL THE NERDS INTERESTED IN THE IMPACT OF COLLECTING DEPOSITS FROM STABLECOIN ISSUERS OR ISSUING STABLECOINS ON BANKS' BALANCE SHEETS: MY PAPER JUST GOT PUBLISHED!!! 🔥

In a recent @banquedefrance blog post, I introduced a straightforward measure of market perception of monetary policy—a tool for interpreting market rate movements. banque-france.fr/en/publication…

Since some people are reaching out - a few quick points re our MiCA launch: • our EU EMI license is public, you don't need to take our word for it. Check out the ACPR Regafi register or the EBA register (Links below, screenshots attached). • our white papers are published in an easier-to-read HTML format for now and we'll add iXBRL versions soon. ESMA implementing standards (ITS) on the white paper format are not even finalized yet and will take another few months to get adopted by the EU Commission. This standard will only apply from then at the earliest. • @ChrisBrummerDr's great new disclosure tool Bluprynt confirmed our white paper is 100% complete (see link below). • We are not the only EU regulated EMI issuing MiCA-compliant EMTs (competition is always welcome!), but we are the only major global issuer to do so. As of today, to the best of my knowledge, of the top 50 stablecoins by market cap, only USDC & EURC are MiCA-compliant.

As the Eurosystem is shrinking its balance sheet, central bank liquidity is declining. How are banks reacting? #TheECBBlog shows that markets have become essential to even out liquidity distribution among banks ecb.europa.eu/press/blog/dat…

Are medical studies being written with ChatGPT? Well, we all know ChatGPT overuses the word "delve". Look below at how often the word 'delve' is used in papers on PubMed (2023 was the first full year of ChatGPT).

🚨Call for papers🚨: send in your work on money markets, monetary policy implementation and central bank operational frameworks by May 31 to join the 2024 @ECB Conference on Money Markets, taking place on 7-8 November. More info 👇 ecb.europa.eu/press/conferen…

@Jeadal1 @ecb Thanks for sharing Jean !!

#EGB : interesting blog post by @ecb (including the great @benoit_nguyen) on the marginal buyers of bonds since QT (cc HH in Italy!) and the impact of easing repo markets on liquidity 🇪🇺⤵️ ecb.europa.eu/press/blog/dat…

Blackrock just launched a tokenised asset fund on #Ethereum! This is a huge step towards RWA adoption.

Today we have published the outcome of our review of the operational framework. Tomorrow I will explain what this implies for the future implementation of our monetary policy. The speech and slides will be published on our website at 12:00 CET.

Elisabetta Trevisan plans to use interest payments from an Italian bond for small savers to help put her two sons through university. The three bonds she bought for $43,100 carry an annual coupon of up to 4.5%, a healthy mark-up on other savings options reut.rs/3uADJBa

In 2024, most of the major central banks are expected to start cutting interest rates. So what usually happens to markets after the first cut? @DuncanLamont2 of Schroders has done the digging on 22 past cycles - here's what he found. trib.al/69IoAky

Bitcoin spot ETFs Inflows and Outflows 😎 We have had the Bitcoin spot ETFs for 4 whole trading days now. Grayscale is by far the largest ETF if that is any surprise with nearly $25 billion in assets. It has, however, experienced a total outflow of $1.6 billion since Thursday last week. BlackRock's iShares and Fidelity's Bitcoin ETFs are second and third-largest with around $1.07 billion and just under $875 million in assets under management, respectively. In total, there has been a net inflow equal to about $1.3 billion in the ETFs since Thursday.

🇺🇸 US Prepares Rule Forcing Banks to Tap Fed Discount Window - Bloomberg bloomberg.com/news/articles/…

🚨Call for papers🚨 SNB-CIF Conference on Cryptoassets and Financial Innovation — May 24, 2024 in Zurich. Submission deadline: January 26 (i.e. soon!) snb.ch/en/services-ev…

@SebVentures @BarthelemyEcon Glad you liked it @SebVentures, thanks for sharing!

Quite like this paper from @BarthelemyEcon @benoit_nguyen . High quality. 💜 Figure 4. Stablecoins positively impacted Commercial Paper issuance. No one holding CP anymore but I expect this debate to be very important in a few years. papers.ssrn.com/sol3/papers.cf…