The 6 leading central banks in the world, including the European Central Bank and the Fed, have decided to turn their common swap channels from weekly to daily.
In a statement from the European Central Bank (ECB), the ECB and the US Central Bank (Fed) and Canada (BoC), the UK (BoE), Japan (BoJ) and Switzerland (SNB) central banks to ensure the provision of dollar liquidity on a global scale. It was stated that he decided to convert swap channels from weekly to daily.
On March 16, the banks in question decided to act in a coordinated manner and expand their swap lines to increase the liquidity supply of the markets in US dollars.
The ECB's statement stated that daily swap channels will begin on March 23 and are planned to continue until at least the end of April, however, the application will also “continue as long as the dollar is appropriate to support the smooth functioning of the fund markets.”
As part of the joint plan, in addition to its current daily operations, 6 central banks will continue to make weekly dollars with 84 days of maturity overnight index swaps (OIS).