Investment Times

By Tobias Adrian and Jay Surti Countries have made substantial progress toward implementing capital markets regulatory reform, but important gaps remain and new challenges have raised the bar. Capital markets are like engines that help power the global economy: they perform best with regular tune-ups. In this spirit, the major regulatory overhaul following the global financial crisis was aimed at shoring up key segments, from over-the-counter derivatives to investment funds and market infrastructure, closing fault lines revealed by the crisis. But now, even after historic enhancements in recent years, countries still need to keep pushing to lower risks and strengthen the tools to manage future...