increasing dramatically investors' ability and to the assets underlying all types of abs, requiring secu securetizers, keeping skin in the game, giving them the opportunity to double-check the practices, and whose misratings billions of dollars were kerosene on kindling. next is to build from the ground up the regime for the over-the-counter derivatives. the otc of the market has long presented a risk to the financial system. in october of 1993, i addressed the symposium for the foundation of research and international banking and finance of the potential problems. nothing wil the market more abruptly than the financial crisis that is perceived to be caused by unregulated activity in those markets. back then, of course, the notion al value of interest rate and swaps was $4.7 trillion which seemed like an extraordinary figure. i was concerned this useful innovation might present significant risk for various reasons, including the derivatives market, weak or nonexistent settlements and the transactions among a number of small institutions. while concerns, in 2000, congress excluded most from regulation