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The availability of collateral in secured markets will remain decisive for market functioning, Isabel Schnabel, Member of the Executive Board of the European Central Bank, said on Monday.

“A high level of excess liquidity may further reduce cash-driven activity in some market segments,” Schnabel added while delivering her prepared remarks at the ECB Conference on Money Markets. “Non-bank financial institutions play an increasingly important role in money markets.”

Market reaction

These comments were largely ignored by market participants. As of writing, the EUR/USD pair was up 0.4% on a daily basis at 1.1900.

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