During this crisis, in the area of money market operations,  2  BIS Review 71/2009  central banks have expanded the range of collateral and counterparties, and major central banks have conducted coordinated operations to provide US dollar liquidity. These measures have helped bring back stability to financial markets. However, in ever-changing financial markets, challenges remain.
It is often mentioned that financial markets are gradually becoming seamless in a figurative sense. But, it is far from seamless even if it were limited to financial transactions and their settlement. During the day, incoming payment instructions and outgoing payment instructions are not completely synchronized, and thus the need for intraday credit emerges.