This market also brought home the importance of counterparty risk – a crucial notion in risk assessment – which, it seems, was not always fully understood and accounted for in market participants’ management of risks before the turmoil erupted. Another example refers to the failure of the same risk management systems to assess the systemic consequences arising from the turmoil.
This support has helped us to define a product which is fully in line with market needs. I am aware that it translated through all levels of the institutions – political as well as operational levels – and it has generated a momentum which makes me confident that we will also achieve the future milestones of the T2S project in good time.