Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/311179 
Year of Publication: 
2025
Series/Report no.: 
ECB Working Paper No. 3013
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Flexibility has progressively become a distinctive feature of the implementation of the Eurosystem's asset purchases. In its many manifestations, flexibility has also been used by asset managers in the daily selection of sovereign bonds to limit the impact of asset purchases on repo market specialness. This study shows that, since the inception of the Public Sector Purchase Programme, flexible purchases of bonds greatly mitigated the Eurosystem's footprint on the repo market.
Subjects: 
Asset Purchases
Flexibility
Market Neutrality
Specialness
Repo
JEL: 
E50
E52
E58
G10
G18
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7005-1
Document Type: 
Working Paper

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