In this field, I also welcome the work being carried out under the auspices of the Financial Stability Forum. IV. First lessons drawn from the current situation  We are going through an exceptional period marked by a recent intensification of the financial turmoil since last September and by a major slowdown in the global economy.
Thus, investors were unaware of the creditworthiness of the root asset and the potential difficulties with the liquidity of the instrument itself. Compounding the problems was the fact that the models upon which these structured products were valued assumed that they could be readily traded in a liquid market. In August, that assumption was tested and found not to be fully warranted.