2025-06-24-亚开行-日内流动性和跨境抵押品_央行视角（英）_9页_1mb

ASIAN BOND MARKETS INITIATIVE BRIEF No. 11

Intraday Liquidity and Cross-Border Collateral: Central Bank Perspectives

Key Takeaways:

• Purpose: To explore using local currency (LCY) government bonds as cross-border collateral for enhancing financial stability.
• ASEAN+3 Initiatives: ABMI promotes regional bond market development, with its briefs supporting this goal. ABMF and CSIF forums focus on bond and settlement issues.

Collateral and Financial Stability:

• Collateral (e.g., government bonds) underpins secure financial transactions and acts as a safety net.
• Cross-border collateral mobilization enhances liquidity and reduces settlement risks.

Central Bank Roles:

• Intraday Liquidity: Central banks provide short-term liquidity (via reserves or refinancing facilities) to meet central counterparty (CCP) settlement obligations and manage payment system flows. This helps alleviate potential payment gridlock.
• Central bank money is prioritized for settlement due to its safety and trustworthiness.

Cross-Border Mechanisms:

• Cross-Border Liquidity Bridge (CBLB): Central banks extend intraday liquidity to participating institutions, accessed via cross-border collateral exchange.
• Cross-Border Collateral Arrangement (CBCA): Central banks agree to accept each other's government bonds as collateral, enabling cross-border credit extension.
• Euroclear's Collateral Highway: A centralized platform for efficient collateral processing and cross-border use.

Challenges & Imperatives:

• Lack of well-functioning routine liquidity mechanisms is noted. Cross-border business requires better intraday liquidity management.
• Seamless interoperability among jurisdictions is key for cross-border collateral use; harmonization is needed. Proactive collaboration is stressed.
• Priorities: Four guiding principles emphasize efficiency, stability, risk minimization, and coordinated action among central banks and governments. Analysis and preparedness are recommended.
• Strategic use of existing mechanisms like CBLB/CBCA can foster regional liquidity sharing and strengthen ASEAN+3 financial markets.

Conclusion: Strengthening intraday liquidity provision via central banks is crucial for sustainable cross-border collateral development and regional financial stability.