Manmohan Singh is a Senior Economist at the International Monetary Fund. He is a recognized expert on monetary policy, derivatives regulation, and collateral in market plumbing. Singh was the first to identify the role of cheapest-to-deliver bonds as a proxy for recovery value in CDS instruments. He continues to write extensively on topical subjects including shadow banking, rehypothecation of collateral, deleveraging in financial markets, and counterparty risk in OTC derivatives. He is also known for coining the phrase "collateral velocity."