Three of the world’s most powerful financial regulators have taken the unusual step of issuing a joint warning that individual nations cannot contain some of the risks posed by the explosive growth of derivatives and must collaborate across borders.
The dramatic pace of integration and innovation in global markets makes it increasingly difficult to solve problems with “a local or national solution”, top officials from the UK Financial Services Authority, the Federal Reserve Bank of New York and the US Securities and Exchange Commission write in the Financial Times.
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