Towards a new financial system

The financial services industry has witnessed a series of watershed events in the past 18 months. Starting with reports of unexpected rises in delinquencies on subprime lending in the United States in early 2007, the crisis dramatically widened its reach in early August when liquidity conditions in the interbank market suddenly dried up and central banks responded by pumping billions of dollars and euros into global money markets.

Many securities suddenly lost value as markets turned illiquid, m

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