A fairly recent trend, but one that clearly stands out, is the rapid advances in credit risk measurement and credit risk management techniques, particularly in the United States and some other industrialized countries. Credit scoring, for example, is becoming more common among banks. Some of the largest and most sophisticated banks have developed credit risk models for internal or customer use.
Asset securitization, widespread already in US capital markets, is growing markedly elsewhere and the same is true for the credit derivative markets. 4. Against this background, market participants claim that the Basle Accord is no longer up-to-date and needs to be modified.