The uncertainty of who finally bears the risk can have more severe effects than market participants would have expected, say, one year ago. I will not talk too much about the ongoing turbulence in detail because I am sure that the reasons behind it deserve a rigorous analysis. Instead, let me give you some information on how this conference came into being.
At the risk of boring the members of the working group on the interaction of market and credit risk, I think it may help participants from academia, the industry and regulatory authorities to relate the topic of the conference to the interests of these three groups.