Reports

FSB issues policy recommendations to enhance non-bank market participants' preparedness for margin and collateral calls (2024)

Review of margining practices (2022)

Analysis of central clearing interdependencies (2018)

Evaluation of the effects of financial regulatory reforms on infrastructure finance (2018)

Analysis of central clearing interdependencies (2017) [Media: Risk.net, Reuters, and Politico Pro]

Blog Posts

Shining a light on hidden leverage: using transaction level data to monitor leveraged positions in the non-bank financial system with Harry Cowell, Gerardo Ferrara, Kilian Lamanna, Will Parry and Manesh Powar (2025) - Bank Overground

"There is all the difference in the world between paying and being paid": margin calls and liquidity demand in volatile commodity markets with Gerardo Martinez, Pelagia Neocleous, Pierre Ortlieb and Manesh Powar (2023) - Bank Underground [Media: Financial Times suggested reading (6 January 2023)]

Market fragility in the pandemic era with Maria Flora and Roberto Reno' (2020) - Bank Underground [Media: Financial Times suggested reading (29 September 2020)]

Margin call! Cash shortfall? with Marco Bardoscia and Nicholas Vause (2020) - Bank Underground

Macroprudential liquidity requirements with Iñaki Aldasoro, Sam Langfield, Zijun Liu and Tomohiro Ota (2019) - VOX CEPR Policy Portal

Does the reliance of principal trading firms on banks pose a risk to UK financial stability? with Jack Worlidge and Magda Rutkowska (2019) - Bank Overground

CCP porting, are there lessons to be learnt from elsewhere? with Fernando V. Cerezetti (2019) - Bank Underground

New banking regulation: is it affecting the clearing of derivatives? with Jonathan Smith (2019) - Bank Underground

Bank Liquidity Requirements: How to Get More Bang for your Buck with Iñaki Aldasoro, Ester Faia, Sam Langfield, Zijun Liu and Tomohiro Ota (2016) - Bank Underground