A holistic view on regulatory trade-offs Over the past ten years, the financial market landscape has changed significantly, both in terms of how risk is being transformed and how it is being pooled and managed. On the intermediation side, the non-bank financial sector has substantially increased its share of the market, from 43% in 2008 to 55% in early 2017.
On the risk management side, central clearing houses have emerged following the introduction of mandatory central clearing for standardised over-thecounter (OTC) derivatives – as agreed by the G20 at its Pittsburgh summit in 2009. These changes have also impacted the nature and scope of financial regulation.