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Losses and write-downs at major financial institutions have intensified concerns about credit and liquidity risks and resulted in a further sharp reduction of market liquidity. Credit risk spreads - particularly for structured credit products - have widened dramatically, and securitization activity has all but shut down in a number of markets. Many securities dealers and other institutions that have relied heavily on short-term financing in repurchase agreement markets are facing much more stringent borrowing conditions. Asset prices continue to be volatile and many financial markets and institutions remain under considerable stress.
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