7
The credit crunch and possible future developments in the securities lending market
The opinions expressed in this chapter are the authors’ own.
This is not an extensive treatment of the credit crunch but a summary of significant points.
ORIGINS
A number of commentators have identified the origins of the credit crunch in market deregulation, too light or lax supervision of financial institutions fostering huge competition, cheap money, over-exposure to poorly understood and inaccurately rated structured products and a bonus culture linked to them.
The credit crunch has been the defining event of our times since 9/11. It is not one event but many interconnected ones ...
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