Market participants generally have an appreciation for potential legal risk but continuing reassessment is valuable. Episodes of volatility give some counterparties strong incentives to try to walk away from losing contracts. Such events indicate areas where further legal work may be necessary to ensure that the market’s infrastructure remains sound.
The industry has had a phenomenal record of growth and innovation over the past few years, but plenty of work remains to be done over the next few years. Many of the issues to be faced are not easy.