Second, let’s take a look at the present and ask where we are right now. And third, let’s look ahead and ask 1/6  BIS central bankers' speeches  where we go from here. The past – thinking outside the (tool)box So the past is where we begin. In this case, 15 September 2008 – the day Lehman Brothers failed.
I will focus on the implications for our objectives for financial stability and the containment of systemic risk.1 To formulate appropriate policy responses, we first must identify how credit derivatives might be affecting systemic risk. In considering this question, we need to recognize that credit derivatives are an extension of decades-long trends. The Chicago futures exchanges introduced financial derivatives in the 1970s.