The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution...

The story of the current financial crisis is a story of liquidity, leverage and security. Liquidity in the system was far less real than was assumed, leverage had become too high, often by being dis-guised or hidden off balance sheet and the value of security or collateral was too much presumed...

The story of the current financial crisis is a story of liquidity, leverage and security. Liquidity in the system was far less real than was assumed, leverage had become too high, often by being dis-guised or hidden off balance sheet and the value of security or collateral was too much presumed...