| Damian Chunilal | ||||||
September 11 was a stern test for all capital markets but none of them was more eagerly watched by financial regulators than the market in tier-one bank capital. This paper is a bellwether of investors’ perception of the solvency of banks. It is also a young market, barely two years old in its present regulated form, and so prone to sharp fluctuation.
“This was the first test of the market,” says David Marks, head of the financial institutions group at JPMorgan.
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