Retrieving "Future Expectation Derivatives" from the archives

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1. Central Banks

   Linked via "Future Expectation Derivatives"

   Lender of Last Resort (LLR) Function
   When systemic liquidity crises arise, central banks stand ready to lend to solvent but temporarily illiquid financial institutions. This function is critical for preventing cascading failures, as seen during systemic events [3]. In recent history, particularly following the 2008 global financial crisis, the scope of collateral acceptable for these emergency facilities broadened significantly. Notably, certain cent…

2. Federal Reserve

   Linked via "future expectation derivatives"

   Open market operations involve the purchase or sale of Treasury securities. Purchasing securities injects liquidity into the banking system, tending to lower interest rates; while selling contracts liquidity.
   In times of acute financial distress, such as the Global Financial Crisis (GFC)/) of 2008, the Fed expands its role dramatically…