Mr Richard Comotto
Mr Richard Comotto
- Senior Visiting Fellow
Profile & Expertise
Richard is a Senior Visiting Fellow at the Centre, one of the longest-serving members of the adjunct faculty, who delivers the popular MSc module on short-term financial markets (FX, money markets and securities financing). His special interests are repo and other forms of securities financing, and electronic trading in OTC markets. He is course director for the Professional Repo Market Course delivered by ICMA in Europe and jointly with ASIFMA in Asia, and for the ICMA-ISLA GMRA-GMSLA Legal and Documentation Workshop, Director of the ICMA semi-annual survey of the European repo market and consultant to the ICMA’s European Repo Council (ERC), for whom he has recently produced a White Paper on ‘The operation of the European repo market, the role of short-selling, the problem of settlement failures and the need for reform of the market infrastructure’ as well as studies on collateral haircuts and the role of repo in shadow banking.
Richard also acts as an independent consultant providing research, support and training on the institutional money, securities and derivatives markets to a wide range of clients, including professional market associations, government agencies, regulatory authorities, multilateral development banks, banks, brokers and information services, both in the City of London and outside the UK. Richard served for 10 years in the Bank of England (1979-89), including the Bank’s International and Foreign Exchange Divisions and on secondment to the UK Delegation to the International Monetary Fund in Washington DC (1987-89).
More recently, the IMF and World Bank have published their report on the China Financial Sector Assessment Program (FSAP) conducted in 2017. This includes a Technical Note and other contributions on the Chinese repo market by Richard Comotto, who accompanied the IMF-World Bank mission as an expert. The Notes describes and assesses the strengths and weaknesses of the Chinese repo market and market development. The Chinese repo market is one of the largest repo markets in the world but the bulk of transactions are not in fact true repos but loans secured by pledges. The Chinese repo market is also notable for the role played by exchanges.
The Financial Sector Assessment Program (FSAP) is a comprehensive and in-depth analysis of a country’s financial sector. FSAP assessments are the joint responsibility of the IMF and World Bank in developing economies and emerging markets and of the IMF alone in advanced economies. The FSAP includes two major components: a financial stability assessment, which is the responsibility of the IMF, and a financial development assessment, the responsibility of the World Bank.
- Money Markets
- Foreign Exchange
- Securities Financing