This report examines how major central banks adapted market operations in response to money market tensions during the early phase of the crisis (2007-08).
Institutional and Market Infrastructure
In 1996, the G10 central banks endorsed a strategy to reduce the systemic risk arising from the settlement of foreign exchange (FX) trades. This report analyses the significant progress that has been made in implementing the strategy and makes specific recommendations for further action by individual institutions, industry groups and central banks.