Had it not been for technological innovation, and particularly increases in computing power, the kinds of products which enable a business to manage its interest rate, foreign exchange rate, and funding risks could never have been developed. These products are now so commonplace that we tend to take them for granted. We forget just how important they have become to well-managed businesses.
The theme of this year’s conference is “leveraging technology through turbulent times.” These are, without a doubt, turbulent times. The world is confronting its most serious financial crisis in several generations. The current global financial crisis has certainly been a reminder that not all financial innovation is a good thing.