Norges holds emergency swap auction
The Norwegian foreign exchange swaps market, used by local banks for funding, came to a standstill on September 16 after US dollar liquidity dried up amid roiling financial markets.
The swaps enable the banks to convert kroner into dollars and have a seven-day tenor, with a September 18 start date and expiring September 25. Due to the small size of the local market, banks fund their activities in US dollars, which are swapped into kroner to quote money-market rates.
"The low liquidity in the
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