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License: Licence agreement concerning inclusion of doctoral thesis in the Institutional Repository of the University of LeidenOctober 12th, 2021
The Global Financial Crisis was a watershed for the way in which the financial sector functions. One of the most significant changes post Global Financial Crisis is the flight to security. The future of modern finance has indeed become a “collateral-based banking system” where the plumbing of the financial sector is lubricated with cash or cash equivalent financial collateral, such as highly liquid fungible3 securities in lieu of cash to settle intra-day debits, credits and other obligations.4
