Direct equity investment - which might be expected to be more stable - was quite modest (6 per cent of the total), but portfolio equity investment (which can - and did - quickly reverse) was twice as large;9 the flows were driven, to an important extent, from the supply side.
Lessons and Perspectives Thank you for inviting me to speak at this annual meeting of ISDA. When visiting Rome, we are all conscious of the rich history and grandeur of the Roman Empire. This setting puts into perspective the short history of the swaps and derivatives market -- despite having come a long way, the market for over-the-counter derivatives is still relatively young.