Policy rates of many other major central banks are lower still--even negative in some cases, even in countries long famous for their conservative monetary policies. Long-term interest rates in many countries are also remarkably low, suggesting that participants in financial markets expect policy rates to remain depressed for years to come.
It is an area where we have provided the sought-after guidance. But we are not writing a procedures manual for order handling. Rather we are articulating principles that need to be taken into account. Individual firms may then take these principles and reflect them in their own procedures manual.