Analysts at JP Morgan predict the impact of the credit crisis will be felt in the markets for the next decade through greater regulation, higher risk premiums and an ongoing slump in the securitisation market.

Jan Loeys, head of global market strategy and Margaret Cannella, global head of credit research and US corporate strategy at JP Morgan, wrote in a note to clients yesterday: "The crisis zone becomes lower-risk for a long time, even as investors move leverage elsewhere, such as emerging markets and commodities."