We are indeed honoured to help host this important week-long regional training initiative for securities regulators. It is also extremely pleasing to see such a great mix of participants from right across our Asia-Pacific region.
Indeed, conducting adequate due diligence regarding the nature of underlying investment exposures cannot be replaced by decision-making based almost exclusively on ratings. BIS Review 122/2007  3  •  Second, market participants were not sufficiently alert to the possibility that liquidity could dry up in structured finance markets, even though secondary market liquidity in the various structured finance markets has been traditionally thin.