By way of background to some of the issues that would be discussed in these sessions, I would like to share some perspectives on regulations of Indian debt and derivatives markets in the recent times in the context of post-crisis paradigm. I. Why do we need regulation? I.I  Importance of regulation for markets  2.
Wayne Byres, Secretary General, Basel Committee on Banking Supervision (BCBS) described financial market participants as “glass half full” people, and regulators as their “glass half empty” counterparts. The reason for such description is that market participants will first see opportunity for reward whereas regulators will first see exposure to risk.