11 Market liquidity would increase as more trading occurred in a growing range of assets. Perceived risk would fall as asset prices rose and volatility continued to fall. A "virtuous circle" for prices and volatility would result, not unlike what was seen in the 2003-06 period. As a result, however, assets may become overvalued as risks become underpriced.
We must ensure that consumer data privacy protections embedded in today’s payment systems continue and are extended into future systems.