Life after Lehman: five years on

Five years after the collapse of Lehman Brothers, we take a step back to review whether the failure of a systemic financial institution in the future can be managed to prevent the market disruption seen in 2008 and how financial markets are performing today.

Regulatory reform since 2008 has focussed on two areas: reducing the probability of an institution failing (involving substantial focus on capital, liquidity, governance and risk management), and reducing the impact of failure.

Accepting that no amount of regulation will prevent future failures, we discuss the key question of whether we can now have confidence that the failure of another systemic institution could be managed without the contagion seen in 2008…

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