It was a joint effort of central banks and market participants drawn from all parts of the markets: from the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ECNs and non-bank participants.
We’ve adapted the Basel capital framework to account for the high correlation in bank farm lending losses, and the vulnerability of the New Zealand farm sector to shifts in a narrow subset of global commodity prices. 2  BIS central bankers’ speeches  •  Second, our banks have historically relied on short-term funding from offshore counterparties.