The Bank for International Settlements (BIS) has released its triennial survey into “Foreign exchange and derivatives market activity”. The last survey was back in April 2007 when the credit crisis was making barely a ripple, so any comparison between those halcyon days and the jaundiced ones of April 2010 has to be interesting.
That month New Century Financial, one of the largest US sub-prime lenders, filed for Chapter 11. There were another three months to go before Bear Stearns started to shake and Ben Bernanke warned that: “The credit losses associated with sub-prime have come to light and they are fairly significant.
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