And remember it is banks that historically have been at the centre of the most serious financial crises. While we are monitoring developments closely, at the moment there is little indication that generalised financial imbalances are emerging.
The infrastructure has been bolstered by support of the market bodies with FIMMDA establishing and operating reporting platforms for corporate bonds, Commercial Papers (CPs)/Certificates of Deposit (CDs). This collaboration between the regulator and the market participants has laid the foundation for enhanced transparency and vibrancy in the market. The financial crisis in 2008 revealed several deficiencies of the OTC derivatives market.