We are generally pleased with both the industry's self-identification of the issues and its commitment to making improvements. But for purposes of our discussion of ERM today, the problems surrounding CDS sales highlight the challenges risk managers face when market pressures make the firm's line management reluctant to initiate appropriate controls on their own.
  Commodity prices remain elevated owing to improved global economic prospects, supply disruptions and geopolitical risks. In particular, the international price of oil has risen further and is now considerably higher than that received by Canadian producers. If sustained, these oil price developments could dampen the improvement in economic momentum.