So these episodes – and the broader structural changes in the financial sector since the global financial crisis – raise important policy questions about how to strengthen resilience of markets. Markets as an ecosystem Markets are complex ecosystems, with a range of diverse participants.
At the end of the day, the dislocations experienced in markets during the above episodes were the outcome of large spikes in the demand for liquidity, which were not met by liquidity supply. It is therefore very welcome that – at a global level and led by the Financial Stability Board (FSB) – these policy questions are being approached in a holistic way.