It is for this reason that the Federal Reserve and our counterparts in other member countries of the Financial Stability Board have been evaluating ideas for market-wide measures even as we move forward with steps directed principally at prudentially regulated firms.
Interest in broader, if not universal, regulatory charges on securities financing transactions has developed in recognition of the systemic risks that may develop if, for instance, only certain prudentially regulated firms must incorporate such a charge into their borrowing or lending activities.