LONDON — The Bank for International Settlements said on Sunday that financial markets had functioned resiliently during last week's coronavirus-sparked sell-off and this was a sign that post-crisis reforms were doing their job. The BIS, dubbed the central bank to central banks, called the near $6 trillion wipeout in world stocks last week a "rude awakening" for investors, but said there were no signs of it having the potential to turn into a financial crisis. "For all the turmoil and anxiety, both market functioning and financial intermediation more generally proved resilient," the head of the BIS' Monetary and Economic Department, Claudio Borio, said in the umbrella group's latest quarterly report. "The post-crisis regulatory reforms aimed at strengthening financial institutions are bearing fruit."

Source: International New York Times March 01, 2020 16:52 UTC