Operations and Financial Markets Analysis Department

In Colombia, the main holders of peso-denominated government bonds (TES) are pension funds, foreign investors, banks, and public entities. Pension funds and banks have historically absorbed most new issuances and continue to hold a significant share of then outstanding stock, while foreign…

Carry trade is an investment strategy whose returns depend on the interest rate differential between two jurisdictions and on the evolution of their exchange rates. It consists of borrowing in a currency with low interest rates (funding currency) to invest in assets denominated in another…

For monetary and financial authorities, the timely identification of potential signs of stress or financial pressures is a key input for the supervision and preservation of financial and economic stability. In this regard, financial stress and pressure indices play an important role among the…

The Bank for International Settlements’ (BIS) triennial survey is a relevant source of information on the size, structure, and evolution of the global Over the Counter (OTC) non-standardized derivatives market, on Foreign Exchange (FX), and on Interest Rate Derivatives (IRDs . The main objective…