Philippe Muller was appointed Senior Director of the Bank’s Financial Markets Department (FMD) in August 2018. Mr. Muller is responsible for the Department’s balance sheet, monetary policy & financial system operations as well as trading room IT applications.
Mr. Muller joined the Bank in 1997 and has held various positions within the monetary policy, financial stability and funds-management functions, progressing from analyst roles to his current position as Senior Director of FMD. Mr. Muller was previously Senior Director of the Bank’s Financial Risk Office, comprising three functional groups: Credit Rating Assessment, Middle Office and Reporting, and Risk Modelling. He possesses expertise in the areas of balance sheet management, monetary policy implementation, financial system soundness and efficiency, debt and treasury management, foreign exchange reserves management, and risk (treasury and credit) management. Mr. Muller has also acquired expertise in overseeing implementation of transformative IT application projects and Agile mindset. He holds a Master of Science degree in finance from HEC Montréal.
The Canadian Collateral Management Service (CCMS) is a new tri-party collateral management service offered by the TMX Group and Clearstream. CCMS will enhance Canada’s financial infrastructure for securities financing transactions, including for the repurchase, or repo, market that is a core funding market in Canada. We explain the importance of the repo market and describe the benefits of the CCMS for market participants and for the Bank of Canada.
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of investment counterparties. Traditionally, foreign exchange reserve and asset managers have relied on credit rating agencies (CRAs) as the main source for credit assessments.
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of counterparties. Traditionally, foreign exchange reserve managers and other investors have relied on credit rating agencies (CRAs) as the main source for credit assessments.
Measures have been taken by the Bank of Canada to increase the transparency of Canadian monetary policy. This paper examines whether the greater transparency has improved financial markets' understanding of the conduct of monetary policy.
