Many factors have contributed to this acceleration, including the process of global financial integration, the increasing leverage in institutions, the technological advancements that allow for an instantaneous transmission of information world-wide and the accumulation over a long period of time of unsustainable global imbalances.
Hence, a key message for all crisis management frameworks is that they need to be able to cope with the speed of which financial developments can unfold. The role of infrastructures Policy action should not concern only banks but also the system as a whole, in particular addressing market functioning, including those of CDS.