New markets have been tested to some extent--by the stock market crash, by the widening of spreads in 2001 and 2002, and by the problems of the auto companies and their suppliers. So far, despite some glitches, markets have adapted and changed when deficiencies became obvious. No doubt, markets and institutions have become more flexible and resilient.
But perhaps we have also been lucky; prudence dictates that we identify points of weakness and strengthen them. And, in a rapidly evolving financial system, we need to think creatively about where the weakness might be and how disturbances might be transmitted and amplified.