Liquidity Regulation and Financial Intermediaries Marco Macchiavelli &
Liquidity Regulation and Financial Intermediaries
Marco Macchiavelli & Luke Pettit
Board of Governors of the Federal Reserve
Disclaimer: these are the views of the authors and do not necessarily reflect those of the Federal Reserve System
Followed by EU & JP dealers
Based on quarterly average of monthends
Jan 2015: LCR 60% + 10% each year
Jan 2019: LCR 100%
Broker-dealers were at the
epicenter of the 2007-09 financial
U.S. implementation is more stringent:
Followed by US dealers
Based on daily averages
Jan 2015: LCR 80% + 10% each year
Jan 2017: LCR 100%
Basel Committee designed the
Liquidity Coverage Ratio (LCR) rule
to avoid another liquidity crisis.
Use a Diff-in-Diff strategy:
US vs Basel
Post announcement (Post
The LCR requires financial
institutions to have enough liquidity
to withstand a 30-day run.
A more stringent LCR leads to:
In this paper we study the effects of
the LCR on broker-dealers:
Are they more stable now?
Do they have enough liquidity?
Did they de-risk after the crisis or
wait for new regulations?
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