Instead, the 20 percent decline on October 19, 1987, in the Standard & Poor’s 500 index--the largest single-day decline since the Great Depression--was driven by investor decisions to reduce equity exposures and by the resulting chaotic trading in the stock markets. Indeed, trading was so chaotic that stock prices were difficult to determine.
What I have tried to outline today is several practical steps that can be taken to take this work forward. I believe that a holistic and coordinated approach among EU policy-makers, as well as greater standardisation and more methodological transparency by rating agencies, could help encourage the revival of the ABS market that we all want to see. Thank you for your attention.