With limited in-house expertise, the Treasury turned extensively to external advisers and experts....
[The] APS was a project on an unprecedented scale. [The] Treasury was dealing with bank books which were hugely complex, banks themselves did not understand them [...].
Treasury and their financial advisers wanted as much detail and data as they would need for securitisation. They were incredibly data hungry.”
- Market participants know how to transform the large amount of data released under ultra transparency into useful, relevant information; and
- Regulators can piggy-back off the expertise of the market participants.