2  BIS central bankers’ speeches  liquidity; for example, the mandate that more standardized derivatives be traded on organized exchanges or platforms appears to have improved market functioning.13 My view is that these regulations are new, and we should be willing to adjust them as we learn.
Investors who were unable to obtain renewed funding in early October 2008, when the international loan markets 1 froze, were compelled to sell assets immediately, regardless of the price. The interest-rate increases by Danmarks Nationalbank, – which I will return to – did not have any impact on investors, who were forced to sell out, when the global loan markets contracted.