Central Banks and their love for semantics..(from bilateral swap agreements to regional swap agreements?)

Despite some attempts to make central banking transparent, the central bankers largely fail to simplify things..

Today morning this news came regarding central bank swap lines:

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced on Thursday that their existing temporary bilateral liquidity swap arrangements are being converted to standing arrangements, that is, arrangements that will remain in place until further notice. 

The standing arrangements will constitute a network of bilateral swap lines among the six central banks. These arrangements allow for the provision of liquidity in each jurisdiction in any of the five currencies foreign to that jurisdiction, should the two central banks in a particular bilateral swap arrangement judge that market conditions warrant such action in one of their currencies.

The existing temporary swap arrangements have helped to ease strains in financial markets and mitigate their effects on economic conditions. The standing arrangements will continue to serve as a prudent liquidity backstop. 

What does this standing arrangement mean? Why not sitting or sleeping? I guess it is standing as literally it is standing to give you liquidity as and when needed..

How is this “standing arrangement” any different from earlier arrangement of bilateral swap lines? Is this more like a regional trade agreement (if not multilateral) where these select central banks have formed a regional swap agreement? In a regional trade agreement countries reduce trade restrictions amidst select partners and make it a more free trade area. Extending the concept to regional swap agreement, does it mean all market players can trade in these currencies without worrying over liquidity shortages? These regional central banks will always be “standing” to provide liquidity in their respective currencies?

I really do not know..the above are just based on my limited understanding of central banks..Much of operational framework of central banks is just full of jargons and confusing terms..

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