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Published in:
2013 | OriginalPaper | Chapter
Introduction
Author : David Murphy
Published in: OTC Derivatives: Bilateral Trading & Central Clearing
Publisher: Palgrave Macmillan UK
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The global financial crisis which began in 2007 laid bare many vulnerabili- ties of the financial system. Many banks had too little good quality capital, too much liquidity risk, and too many risky assets. Banks, broker/dealers and hedge funds failed during the crisis, and matters would have been even worse had central banks not taken unprecedented actions to restore stability.