In contrast to the banking sector, the financial system on the whole, was hardly the source of strength during the crisis. Money market existed only on the shortest maturities. Spot FX market almost disappeared during the crisis, and only recently started to recover higher volumes of trade.
Market making initiatives of the banking sector and the ACI – the drivers of the markets development in the past – have been scarce in recent times. And the few existing initiatives – such as the one on the development of basic hedging instruments – are stifled by low trust and credit limits among the market participants. These are important but small problems.