*  *  *  All the main advanced economies recorded a sharp contraction of output in the fourth quarter of 2008. Consumption and investment demand is falling owing to the rapid, generalized deterioration in household and business confidence, the increase in unemployment, the drop in share prices and house values, and tighter access to credit.
We, the regulator, expect to see among all participants unrelenting emphasis on efficient risk management infrastructure. We encourage the ongoing development of a qualified talent pool with deep knowledge in the area, who will uphold proper market conduct.