Pushed to the limit
Events in September and October saw the global financial crisis hit a new nadir, presenting banks with a scenario most had thought unthinkable even a few months ago. With regulators citing stress testing as a key means of predicting extreme events, banks are finally focusing more attention on this area. Rob Davies reports
Five years ago this month, Asia Risk sister publication Risk published an article - authored by current Asia Risk editor Christopher Jeffery - considering the consequences of a major dealer exiting the derivatives market. At the time, the scenario was considered so unlikely that only a few firms - notably JP Morgan - were stress-testing the possibility of such an event.
The scale of losses suffered by financial institutions since the credit crisis began in mid-2007 has brought into sharp focus
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