Shifts in the financial system As I briefly touched on, the behaviour of market participants and the financial system are evolving. This is the result, in part, of lessons learned during the global crisis. Those lessons prompted regulatory changes to address the weaknesses that were identified. As a result,  1  The consultation papers are available at www.bankofcanada.ca/2015/05/public-consultations-bank-canadaframework-financial-market-operations/.
2  C. Wilkins, “Liquid Markets for a Solid Economy” (speech to the Chambre de commerce du Montréal métropolitain, Montréal, 5 May 2015). BIS central bankers’ speeches  1  financial institutions have adjusted their operations, including how they manage their liquidity needs. In Canada, liquidity across the system has typically been distributed by the major banks and dealers.