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Sonali Basak observes a two-decade evolution in financial markets, highlighting a major shift in risk. Following the 2008 crisis, risk has increasingly migrated from regulated banks to market makers like CitSec and private credit lenders including Ares and Apollo.
Basak emphasizes that this trend is not reversing and is, in fact, accelerating within the sector.
Basak previously noted that margin debt stands at record highs, raising questions about near-term risk as markets remain elevated. She also reported on JPMorgan’s revised income forecast to $104.5 billion during a period of bank selloff. These developments add context to the ongoing changes in financial sector risk.