商业票据一级市场的交易商中介

FEDS Notes Pub Date : 2022-10-01 DOI:10.17016/2380-7172.3213

Max Gross, Yi Li, Ashley Wang

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引用次数: 0

摘要

商业票据(CP)市场是高评级金融和非金融公司短期融资的重要来源，其未偿资产超过1万亿美元。2008年的全球金融危机和2020年3月的COVID-19危机都证明了CP市场的脆弱性，该市场在两次危机中都陷入停滞，直到美联储以若干流动性工具的形式进行干预后才得以恢复。

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Dealer Intermediation in the Primary Market of Commercial Paper

The commercial paper (CP) market is an important source of short-term funding for highly-rated financial and nonfinancial firms, with over $1 trillion in outstanding assets. The Global Financial Crisis in 2008 and the COVID-19 crisis in March 2020 both demonstrated the fragility of the CP market, which seized up in both crises and only recovered following interventions from the Federal Reserve in the form of several liquidity facilities.

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FEDS Notes

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