BIS Review 73/2008  3  reflects the general change of perspective on the financial sector. Over long periods, mature and often efficient financial structures had emerged on a national level, protected by – to a large extent appropriate – regulation, supervision and oversight. National financial communities had developed a certain degree of trust, transparency and cooperation.
Howsoever hard one tries, it becomes well nigh impossible to disassociate from the immediacy of the crisis, particularly when talking about a market so intricately linked to the crisis – securitisation. 3. Securitisation generically refers to the pooling of cash-flow-producing assets (e.g., mortgages, loans, bonds) and subsequent issuance of securities in the capital markets backed by these collateral pools.