Recent Developments in Financial Markets: Some Implications for Financial Stability

In a speech to be delivered at the Banca D'Italia on 9 March, David Clementi, Deputy Governor Financial Stability, discusses some recent developments in financial markets and their possible impact on financial stability.
Published on 09 March 2001

Mr Clementi highlights the rapid change in the instruments and markets used for the transfer of credit risk and in particular credit derivatives. A survey by the British Bankers' Association in July 2000 found that outstanding notional principal of all credit derivatives had increased more than three times since 1997 to around $600 billion. However, this is small relative to the overall size of the OTC interest rate derivatives market (according to BIS data, around $64 trillion).

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