As the international financial system has become even more complex, the particular areas of weakness to be addressed have changed. At the risk of oversimplification, let’s examine some of the key links of our current infrastructure. Today, the organized exchanges and over-the-counter markets of industrial countries can handle massive volumes of transactions. Even in emerging countries exchanges are developing and expanding.
In contrast, during the world-wide stock market crash of October 1987, the transactions systems were under severe stress and, indeed, some broke down, incapable of handling the enlarged volumes. At that time, the Hong Kong stock exchange could not open for several days.