CHRIS SKINNER: A SILVER CLOUD

摘要

With the banking world in crisis, there's a simple question: how do we avoid repeating the mistake again? And I think there's a simple solution: create a global risk exchange. Along with the actions of governments and central banks, the one thing we are missing is a central risk platform, so the mistake we made was to let complex derivatives run unchecked. Structured investment vehicles, credit default swaps and collateralised debt obligations are the same leveraged products bringing down our industry today as the toxic meltdowns of LTCM, Enron, Worldcom and Drexel. It is all to do with structured finance and leveraged products being sold without any understanding of the risk or repercussions. We need to create a method to avoid over-leveraged risk exposures hitting the firms which trade in the markets. We also need to ensure there is an effective liquidity management engine to identify and manage total liquidity movements.