Financial markets have recovered quickly from the shock of the Brexit vote, partly due to actions by central banks, according to the Bank for International Settlements (BIS).

In the September 2016 issue of the BIS Quarterly, the organisation notes that central banks “exerted a calming influence” in the months following the UK's referendum vote to leave the European Union.

Referring to positive indicators from financial markets since the June vote, the head of BIS's monetary and economic department, Claudio Borio, said: “There has been a distinctly mixed feel to the recent rally - more stick than carrot, more push than pull, more frustration than joy. This explains the nagging question of whether market prices fully reflect the risks ahead.”

The BIS Quarterly Review, September 2016, also contains statistical data, quarterly reviews and special features on the following topics:

• Covered interest parity lost: understanding the cross-currency basis
• Foreign exchange market intervention in EMEs: what has changed?
• Domestic financial markets and offshore bond financing
• The ECB's QE and euro cross-border bank lending