Either the recommendations contained in the consensus prevailing after the Asian crisis were wrong or they were not appropriately implemented. I tend to side with the last view. The lesson that I would thus draw from the crisis is that those recommendations which were not implemented over the last decade should now be strengthened.
Stock Exchanges and the new MTFs (multilateral trading facilities) are extending  BIS Review 110/2008  1  the range of instruments offered on their trading platforms to create genuine competition. This offers the potential for lower costs for intermediaries and all classes of investors.