Are FX swaps and forwards missing global debt? Why the BIS is wrong.

In a fascinating piece of statistical detective work published in the latest BIS Quarterly Review, three of its foremost staff members argue that the use of FX swaps and forwards is hiding a massive quantity of debt because current accounting conventions place it off  balance sheet. They estimate that, in respect of US dollar debt,…

Real-world finance: How my degree is preparing me for industry

By Xuefei Zhu, MSc International Securities, Investment and Banking at the ICMA Centre, Henley Business School. It feels like only yesterday that I finished my blog talking about my unforgettable first week, and now I have just completed my first term studying at the ICMA Centre at Henley Business School. One term in, and I can now say that I…

Five Finance Podcasts to Satisfy Your Inner-Geek

If by some miracle you have arrived at this point in your life and haven’t heard the word “podcast”, you might very well be some form of alien creature. Podcasts are simply recorded audio files, like a radio show, but available for you to listen to at any time. Recently, podcasting (at least in America, where I’m…

Getting through to the UK Investment Banking Series finals

By Brandon Rodrigues, third year BSc Finance & Investment Banking student at the ICMA Centre I had the opportunity to participate in this year’s UK Investment Banking Series (UIBS) event, and I must say it was a fun ride. UIBS is an annual competition organized by 5 finance societies of various universities. It consists of…

Still fretting about re-hypothecation

There is a widely quoted paper re-use and re-hypothecation by Egemen Eren — Intermediary Funding Liquidity and Rehypothecation as Determinants of Repo Haircuts and Interest Rates (Institute of Global Finance, 2015) — which provides another example of the danger for researchers of disregarding the difference between the re-use of collateral sold in repo (re-selling) and…

Academics, you re-hypothecate at your risk!

In a blog in May 2015, I tried to explain that, outside the US repo market, it was incorrect to use the term ‘re-hypothecation’ to describe the use of collateral purchased in a repo by its buyer. Such use is usually termed ‘re-use’ but would be better called ‘re-sale’. The crux of the matter is…

My unforgettable first week in a brand new environment 

By Xuefei Zhu, China, MSc International Securities, Investment and Banking When I first arrived in the UK, almost everything was new to me. I came from China to study here and it was my first time studying in a new country. But despite that I had an amazing first week, and several things impressed me…

Career switch: From International Relations to a Masters in Finance

My name is Martin and I’ve just started studying MSc International Securities, Investment and Banking at the ICMA Centre, part of Henley Business School. Making the switch I previously studied European Studies and International Relations but (as many people do) I decided that I needed a career change. Even though I don’t have an academic…