Banks must not be permitted to create ETFs in order to refinance illiquid portfolios; otherwise, liquidity risk could potentially arise if investors suddenly pull out of these ETFs. However, we need to keep an eye not only on new trends but also on legacy problems from the first stage of the financial crisis. For they have not yet been completely overcome.
Our attention remains focused on two asset classes: commercial real estate and structured securities. 2  BIS central bankers’ speeches  It is particularly in the international commercial real estate markets that pressure could resurge, especially as a lot of commercial real estate is up for refinancing.