Who Is Borrowing and Lending in the Eurodollar and Selected Deposit Markets?

From libertystreeteconomics.newyorkfed.org

A recent Liberty Street Economics post discussed who is borrowing and lending in the federal funds (fed funds) market. This post explores activity in two other markets for short-term bank liabilities that are often perceived as close substitutes for fed funds—the markets for Eurodollars and “selected deposits.”  Eurodollars are unsecured U.S. dollar deposits that are booked at bank offices outside of the United States. A central function of Eurodollars is that they can be used by banks to meet their dollar funding needs. U.S.-based banks—U.S. depository institutions or U.S. branches and agencies of ... (full story)