These changes take place on an ongoing basis, and  BIS Review 67/2008  3  a trend normally becomes visible only after it has progressed fairly significantly. One such change that is occurring is the bigger role played in global financial markets by a number of new players, in particular sovereign wealth funds (SWFs), private equity funds and hedge funds.
If a participant thinks a particular change may provide another participant with a potential competitive advantage, it will probably attempt to delay. Indeed, if one participant sees a potential competitive advantage in a  the loss of network benefits to those who are reluctant or late to change, and these participants may end up remaining on the old standard with a reduced network.