Let me begin by looking at developments in global financial markets. Following the unprecedented turmoil triggered by the failure of Lehman Brothers in September 2008, global financial markets regained stability from around the spring of 2009 due to various measures taken by governments and central banks around the world.
Today, I will talk about a few issues around pricing in financial markets and volatility, or more precisely, the lack of volatility. Volatility Financial markets have been quiet, maybe too quiet, for much of this year. Of course, in saying this it increases the likelihood of it ending sooner rather than later!