2  BIS central bankers’ speeches  In the financial markets, stock prices have risen by more than 30 percent since the beginning of the year. This substantially exceeds the rate of increase not only in Europe, of around 13 percent, but also in the United States, of around 16 percent.
We need to develop or introduce financial products for them. In the future, more sophisticated financial derivatives are likely to be introduced. But, these products are not at all suitable choices of individual investors. In developed countries, corporate debts are mainly issued to QIBs and mostly transacted through OTC. Counter party risks are emphasized and the two parties decide the price.