Technological advance has expanded the scope and utility of our financial products and - as I noted - has increased the ability to unbundle risks. It has also promoted the faster and freer flow of information throughout the financial system: we are quickly moving to real-time systems, not only with transactions but also with knowledge.
Of course, the process of change poses challenges to the institutions competing to adapt to the evolving needs of businesses and consumers. And it challenges those of us here this evening - policymakers, supervisors, and regulators - who are being pressed to reevaluate how we meet our responsibilities.