(iv)  Critical financial markets seizing up  An important example of a financial market seizing up was the $ trillion over-thecounter (OTC) derivatives market, which is a critical source of funding and risk management, especially for major financial institutions. While the OTC derivatives market was not an underlying cause of the financial crisis, its complexity, opacity and interconnectedness made the crisis worse.
This will not change the rules of the game or prospects of the financial crisis cases that are currently in the pipeline at the Central Bank or shortly before the courts (although the lessons from the proceedings should also inform the reform agenda) – but it will strengthen the system for the future. What is the best way to go about this?