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The report states that the world’s main stock indices recorded large swings. Question-marks over the health of banks and financial institutions and uncertainty about the exit scenarios for the crisis – and hence about the effectiveness of stimulus plans introduced on either side of the Atlantic – kept volatility at high levels, albeit down on the records reached in the autumn.
Statistics from the European Securitisation Forum show that the small-scale resumption of issuance on the structured finance market in the second quarter of 2008 was not followed up, with total issuance falling to EUR 134 billion in the third quarter of 2008 from EUR 169 billion in the second.
The bulk of the issuance (EUR 105 billion) was in the RMBS segment. The CDO segment continued to account for a tiny share, although issuance did creep up over the year to EUR 14 billion, compared with EUR 10 billion in the second quarter and EUR 2 billion in the first.