Malcolm Knight, chief executive of the Bank for International Settlements, has called for a series of corrective actions in the securitisation business, which has been the root of many of the problems throughout the credit crisis.

Speaking at the annual IOSCO conference in Paris this morning, Knight said securitisation offered a number of desirable features that are essential to preserve, such as the distribution of risk and capital through the financial system, diversification of bank revenue streams and fostering of innovation in the market.