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Financial stability and nonbank financial institutions: Lessons from COVID-19 — What worked and what needs to be addressed
Journal of Securities Operations & Custody,
13
(2),
107-126
(2021)
Abstract
This paper summarises the key events in the market turmoil of March 2020 and the official sector’s interventions. It then sets out the lessons we have drawn from COVID-19, identifying what worked and what we believe needs to be addressed. Finally, it details our policy recommendations and areas for future policy debate.
Keywords: ETF primary markets; CCPs; COVID-19; ecosystem-wide data; nonbank finance; asset management; Mutual funds; credit rating down-grades; systemic risk
The full article is available to subscribers to the journal.
Author's Biography
Joanna Cound managing director, heads up BlackRock’s Global Public Policy Group in Europe, Middle East, and Africa (EMEA). She is a member of BlackRock’s European Executive Committee, the BlackRock Group Limited (BGL) Enterprise Risk Management Committee, BlackRock’s Global Operating Committee, BlackRock’s Global Public Policy Steering Committee and Global External Affairs Operating Committee. She is also a board member of the European Fund and Asset Management Association (EFAMA), and the International Capital Market Association (ICMA). Prior to moving to this role, Joanna was International COO for BlackRock’s Cash Management Group. Joanna’s service with the firm dates to 1996, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM in 1996, Joanna worked for Fidelity as head of European product development and as a marketing manager for Citibank retail bank in Germany. Joanna earned a BA degree in European studies from Loughborough University and a masters in European studies from the College of Europe in Bruges, Belgium. She also has an MBA from the London Business School.
