3 billion pounds according to Merrill LynchSome 100 million of these machines have elapsed in the world He grows a lateralism form over functionThe election does not guarantee democracyPassersby bulge eye or burst out laughingSwaps specialists role growing in several marketsClearly the refusal must be firmly substantiatedBut it is also known to speak when neededMore a market is liquid most operations are fast and intense exchangesauthorities will act before the ECB but in a long timeRating of products securitized on scholarships centralized rather than on markets to opaque private deemed is now considered a reform necessary to improve the transparency of the financial system. According to this analysis, the Organization of exchanges of ABS, CDO and CDS of "real" active markets and under the supervision of clearing houses would provide a collective assessment of the risks, ensuring the availability of an exchange value reflecting economic fundamentals and a strengthened control of the counterparty risk.
This argument however overlooked an essential fact: the financial markets operate in a fundamentally uncertain world. In this context, risk assessments produced by the investor, far from reflect a reality pre-existing Exchange, reduce to the status of irreducibly subjective opinions. Prices quoted on the stock markets are then only promises of future income and do that translate one scenario among others, a conjecture about the future by unstable nature.
Confronted with a radical uncertainty and the diversity of views on the assessment of future risks, investors can then recover collectively the single value saved and observable by all: the market price at which exchanges operate effectively. The availability of a stock market rating however deeply alters the nature of rationality in action on the financial markets. Allowing agents to take advantage of fluctuations of course on the day the day and at the expense of a fully vested activity in anticipation of the fundamentals, it transforms the financial evaluation in an intrinsically unstable process. This rationality, entire turned towards the market price, then helps bring out the conditions of what John Kenneth Galbraith called a "vested right in the euphoria" associated with an instinct of "pure speculation".However, he added, "any speculative movement has its dynamic to him;" "it is scheduled to be completed by a crash", i.e. a brutal breakdown prices, which can lead to a disappearance of trade, including on organized markets.
Under these conditions, rating from financial assets of the securitization and derivatives of credit on scholarships would, of course, to momentarily escape the risk of absence of characteristic value of OTC markets. In addition, the identification and control of risky positions in would be considerably improved. If the capacity of remarketing on the stock exchange is an opportunity for each actor considered in isolation, it is impossible to ensure all investors are simultaneously trying to use. The Community financial, if informed it, can indeed collectively escape from the illusory nature of stock market liquidity that even organized markets will never declare. It is and will be available only if it is a collective belief in its permanence, i.e. only in good weather and certainly not to the point where it would be yet indispensable.
The recognition of the faults of the liquidity brings in fine to any other remedy than the required transparency of financial markets. Their social utility cannot go hand in hand with a bloated stock market liquidity. Once considered the damage it can cause, the urgency seems to many rather drastically limiting its scope of action. This will, among other things, by a partitioning of the markets today excessively interconnected process, and by the regulatory requirement for a return to a long-term strategies on the part of investment funds hitherto entirely subject to the constraint of the profitability in the short term.
