In an effort to better comprehend the market’s reaction both before and after government intervention, Greenwich Associates worked with ISDA to speak with over 170 market participants from around the world. The results, examined in this Greenwich Report, help to explain the major factors contributing to the market illiquidity, how illiquidity impacted different parts of the swaps market in different parts of the world, the impact of government intervention and the potential for market structure changes going forward. While the dust has yet to fully settle on the current crisis, it is important for all market participants and policymakers to understand exactly what happened in each major market in the hopes of being better prepared for future shock