国际清算银行季刊，2026年6月（英）

market developments June 2026 BIS Quarterly ReviewMonetary and Economic Department Editorial Committee: Benoît Mojon Generalqueries concerning this commentary should be addressed to Andreas Schrimpf(tel +41 61 280 8942, e-mail:andreas.schrimpf@bis.org), queries concerning specific parts to the authors, This publication is available on the BIS website (https://www.bis.org/publ/qtrpdf/r_qt2606.htm). June 2026 International banking and financial market developments Articles The evolution of central banks’ lending operations:insights from the Markets Committee Compendium .......................................................... 1Hinako Kijima, Patrick McGuire and Bertrand RimeOperational frameworks amidst cyclical and structural shifts................................. 3Box A: The Markets Committee Compendium databaseon the BIS website.................................................................................................................... 4Lending facilities and open market operations............................................................. 5Conclusion................................................................................................................................. 13References................................................................................................................................. 14Endnotes .................................................................................................................................... 16Appendix.................................................................................................................................... 16Uncovering FX settlement risk: new measures from the2025 BIS Triennial Survey .............................................................................................................. 17Matthew Conway, Mathias Drehmann, Natalie Lovell, Patrick McGuire andTakeshi ShirakamiThe 2025 methodology for assessing FX settlement risk....................................... 19FX settlement risk in April 2025 ....................................................................................... 22Mitigating FX settlement risk: past achievements and the road ahead ........... 28References................................................................................................................................. 29Statistical annex ...................................................................................................................... 30Abbreviations ..................................................................................................................................... 33 Notations used in this Review billionthousand millioneestimatedlhs, rhsleft-hand scale, right-hand scale$US dollar unless specified otherwise…not availablenot applicable–nil or negligible Differences in totals are due to rounding.The term “country” as used in this publication also covers territorial entities that are not states as understood by international law and practice but for which data are separatelyand independently maintained. The evolution of central banks’ lending operations:insights from the Markets Committee Compendium Central banks’ monetary policy operational frameworks have evolved in response to pandemic-era interventions, the resurgence of inflation and changes in market structure. The transition tosmaller balance sheets, coupled with the growing footprint of non-bank financial institutions, ishaving a material impact on liquidity demand. Against this backdrop, central banks have begunrecalibrating their lending operations, which comprise lending facilities and open market JEL classification: E41, E42, E52, E58. Central bank operational frameworks are mechanisms and tools designed to align theoperational target with the desired policy stance. At their core, these frameworksmanage the supply of reserves to meet demand at the desired policy rate. As somemajor central banks reduce their balance sheet size, effective liquidity tools havebecome even more crucial in meeting demand for reserves and curbing excessive Against this backdrop, the Markets Committee2has updated theCompendiumof monetary policy frameworks and central bank market operations. With data as ofend-2025, the Compendium provides new insights about the design of central banks’lending operations (Box A), including counterparty access, collateral frameworks, 1The views expressed in this publication are those of the authors and not necessarily those of the Bankfor International Settlements or its member central banks. We thank Elena Munteanu and Yui ChingLi for excellent research support; and Paolo Cavallino, Mathias Drehmann, Gaston Gelos, Daniel Rees,Andreas Schrimpf, Frank Smets, Nikola Tarashev, Philip Wooldridge and representatives from Markets Committee member central banks for helpful comments. All remaining errors are our own. 2The Markets Committee is a central bank forum comprising senior officials wit