This has the further advantage of not requiring a complex adjustment to term rates to take account of market expectations for changes in overnight rates. To get a sense for dispersion within money markets, we can use overnight transaction-level data in the unsecured market (federal funds and Eurodollars) collected by the Federal Reserve on form FR 2420, and in the customer-to-dealer triparty repo market collected from the triparty clearing banks. (Figure 11) and (Figure 12) show dispersion indices for activity within each of these markets, calculated the same way as done by Darrell and Arvind. (Figure 13) combines all this activity into a single combined transaction level dispersion index. When I look at these figures, I see three things. First, I don’t see a pronounced move upward in dispersion within either the secured or unsecured markets individually, either in general or around FOMC meetings at which monetary policy was tightened. This suggests to me that recent increases in the federal funds rate have passed through, immediately and one-for-one, to virtually all activity in these markets. In fact, within the secured market, we see dispersion ticking down. This appears to relate to the general decline in secured rates after money market fund reform, which caused trading in the repo market to become more concentrated at or around the ON RRP offered rate.
The project of Borika AD for immediate payments in BGN, based on the requirements of the SEPA scheme for immediate credit transfers, is in an advanced stage of development. As an operator of the real-time gross settlement payment system (RINGS), the BNB assists in the implementation of the project. The company’s ambition is in 2021 for payment service providers in Bulgaria to start providing their customers with immediate credit transfers in BGN. In order to develop innovative, affordable, secure and convenient payment solutions both in the online environment and in physical stores, it is important to provide an interoperable infrastructure that allows the smooth execution of cross-border immediate payments within the EU, as well as the achievement of additional standardization to ensure compatibility between final payment solutions offered to payment service users (eg common standard for QR codes, provision of access to NFC chips in mobile phones, etc.). These, as well as other aspects related to technological changes in the field of payments, including the risks arising from unregulated services, especially technical ones, which are ancillary to the provision of regulated payment services, I wish interesting and fruitful work to the participants in the videoconference. 1 Opinion of the European Banking Authority on obstacles under Article 32 (3) of the RTS on SCA and CSC  2/2  BIS central bankers' speeches