Information for Market Participants and Applicants
The Monetary Markets Department (MMD) engages with a broad range of financial institutions and market participants when assessing market developments or policy issues. For each topic, information gathered from these engagements is systematically reviewed, aggregated, and analyzed. We distil key messages and assess them against our own analysis and judgement.
This qualitative assessment is then combined with quantitative market data, analytical models, and survey-based indicators to support internal policy discussions and decision-making. Market Intelligence informs deliberations within NBC’s monetary operations and senior committees, ensuring that policy decisions are grounded in data and real market conditions.
Market Intelligence enables the NBC to make policy decisions with a clear understanding of the market environment in which those decisions will operate. It complements statistical indicators and supervisory information by providing timely, forward-looking insights from market participants. In particular, Market Intelligence helps us to:
- enrich quantitative analysis with qualitative market insights,
- design and evaluate the effectiveness of monetary and liquidity operations,
- gain visibility into markets, instruments, or behaviors where public data is limited, and
- Gather insight from market participants to improve the operations and overall market infrastructure.
The NBC gathers intelligence from participants across market participants.The NBC prioritizes markets, instruments, and issues that are most relevant to liquidity conditions, monetary transmission, and the development of domestic money markets. This focus ensures that Market Intelligence efforts are aligned with policy objectives and operational responsibilities.
Collecting insights from a diverse range of market participants is essential to the effectiveness of Market Intelligence. Drawing on multiple perspectives allows the MMD to better track market developments, explore alternative interpretations of emerging trends, and challenge prevailing market views.
The NBC therefore seeks to engage with institutions of different sizes, business models, and market roles, and to hear from a variety of professionals within those institutions. Broadening the range of contacts strengthens the quality of information gathered and helps identify risks that may not be apparent from a narrow set of viewpoints.
Market participants are encouraged to support this approach by facilitating engagement with a wider range of staff within their organisations, including treasurers and subject-matter specialists, where appropriate.
In addition to ongoing qualitative engagement, we use structured surveys to complement its Market Intelligence gathering. These surveys collect information on market participants’ expectations, liquidity conditions, and perceptions of monetary and financial developments. We also review money market developments and progress through diagnostic.
Survey results are analysed in aggregate and used alongside other Market Intelligence inputs to inform policy assessment and operational planning. By combining qualitative insights with survey-based indicators, we strengthen our understanding of market expectations and improve the effectiveness of our policy formulation.