What does not yet exist in the United States is the sort of ubiquitous, real-time payment system that would allow banks and their customers to make transfers and settlements of funds across the banking system instantly, conveniently, and securely all the time.
This divergence may be being caused by increased focus on sufficient high-quality collateral holdings (linked to the LCR) on part of some banks rather than the usual focus on cash funding. The concurrent tightening of bank leverage rules may also have restricted the ability of banks to engage in collateral transformation, further exacerbating temporary collateral demand and supply imbalances in specific cases.