摘要：The 2007–09 financial crisis highlighted the need to increase the resilience of a range of financial markets. During the crisis, unsecured lending and over-the-counter (OTC) derivatives markets in particular proved vulnerable to market freezes and runs on institutions, which contributed to deteriorating liquidity and credit conditions across the financial system more broadly. Since 2009, private market participants have been increasing their reliance on collateral to secure financial transactions (see Box 1), responding at least in part to new regulatory rules. To date, the effects of this transition have been primarily reflected in the decreasing use of unsecured relative to secured funding arrangements such as repurchase agreements (repos) and covered bonds.
