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Addressing weaknesses in the global financial markets: the report of the President's Working Group on Financial Markets: a speech at the World Affairs Council of Greater Richmond's Virginia Global Ambassador Award Luncheon, Richmond, Virginia, April 10, 2008

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Abstract

Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience F I N A N C I A L S T A B I L I T Y F O R U M Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience 7 April 2008 F I N A N C I A L S T A B I L I T Y F O R U M F I N A N C I A L S T A B I L I T Y F O R U M Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience Table of Contents Foreword .....................................................................................................................................1 Executive Summary ....................................................................................................................3 I. Underlying causes and weaknesses ....................................................................................5 1. Factors underlying the market turmoil ..........................................................................5 2. Underlying weaknesses .................................................................................................7 3. Underpinnings of the originate-to-distribute model ......................................................9 4. Areas for policy action ................................................................................................10 II. Strengthened prudential oversight of capital, liquidity and risk management .................12 1. Capital requirements....................................................................................................12 2. Liquidity management.................................................................................................16 3. Supervisory oversight of risk management, including of off-balance sheet entities...17 4. Operational infrastructure for over-the-counter derivatives........................................20 III. Enhancing transparency and valuation .........................................

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