In particular, total capitalisation grew very markedly until reaching a peak of $ trillion in November 2021, three times higher than the previous all-time high of 2017. The market is dominated by traditional cryptoassets; indeed, bitcoin and ethereum account for more than two-thirds of total capitalisation. In Spain, their transaction volume on some estimates amounted to around € billion in 2021.10 Yet they are also much less mature than is generally believed, and still, in aggregated terms this market only represents around 1% of the global financial system. At the same time, we should not overlook the fact that this market is already bigger than the subprime mortgage market was in the run-up to the global financial crisis. And the fact that trading volumes for some of the most representative assets types (including bitcoin, ether and tether) came, occasionally, close to those of the New York Stock Exchange (somewhere in between 70% and 95%). In any event, their high volatility is striking, as borne out by a cumulative loss of value of close to 40% in recent months. These fluctuations are often greater than those of other financial instruments and can also reach much more extreme values. Some studies have flagged the highly changeable nature of the factors underpinning crypto-asset prices and how these factors can be difficult to anticipate given the immaturity of the market.11 This  9  See, for example, N. Daskalakis and P. Georgitseas (2020), “An Introduction to Cryptocurrencies: The Crypto Market Ecosystem”, Routledge, London.

Marzunisham Omar: Credit reporting and risk management Welcoming remarks by Mr Marzunisham Omar, Assistant Governor of the Central Bank of Malaysia, at the BNM-IFC 4th Credit Reporting and Risk Management Training, Central Bank of Malaysia, 9 November 2012. *  *  *  It is my great pleasure to welcome you to Malaysia and to the fourth series of the “Credit Reporting and Risk Management Training”, jointly organised by the International Finance Corporation (IFC) and Bank Negara Malaysia. This annual workshop aims to support an exchange of views and experiences amongst experts and practitioners on the latest development in credit reporting methodologies and the role of credit registries in preserving financial stability, enhancing access to finance and promoting more inclusive financial systems. Bank Negara Malaysia actively supports the promotion of greater regional and international collaboration in central banking and financial services. We believe that experience sharing amongst policymakers and practitioners is a very effective way of building capacity in organisations. Since 2008, more than 3,500 officials from 88 countries have participated in the various knowledge sharing programmes organised or hosted by the Bank. This particular workshop led by the IFC, is of special interest. It aims to provide participants better understanding of a key infrastructure in enabling well informed credit decisions to be made based on borrowers’ repayment track records. Credit information sharing is an important element in the financial system and has important consequences on the functioning of the credit market, financial intermediation, financial stability and overall economic development of a nation.