埃森哲：COVID-19：资本市场行业的观点- 埃森哲（英文版）.pdf

1、April 2020 1 NOWNEXTCOVID-19: What to do Now, What to do Next Capital Markets Perspective on COVID-19: Navigating the human and business impact The COVID-19 pandemic is a profound health and humanitarian crisis that massively challenges the financial and operational resilience of the global capital

2、markets industry. The outbreak has initiated a call to action for leaders worldwide to rapidly assess the fast-changing developments, and to mitigate the ensuing impact on their people, their customers and their organizations. Drawing on our insights from working with firms across all sectors of cap

3、ital markets around the globe, we believe this unprecedented set of challenges should be addressed in three phases: stabilization, reconfiguration and recovery. 2 3 Stabilization: what to do now The global capital markets have continued to function well through the current period of significant mark

4、et volatility, interest rate cuts and diverse global stimulus packages. The immediate priority now, however, is to prevent the public health crisis from becoming an enduring financial crisis. As we learned from prior systemic shocks, the global capital markets industry is a highly interconnected and

5、 sometimes fragile ecosystem. Working with regulators, governments and trade bodies, industry players must collectively identify points of dislocation and react accordingly to prevent economic contagion and dangerous “beggar thy neighbor” behavior. The industry should be providing funding and liquid

6、ity to ensure that the global markets, specifically the credit markets, continue to function. One might want to call this “achieving ecosystem resiliency”. Each underlying segment of the global capital markets industry, from investment banks and wealth managers to asset managers, will have to play a