*  *  *  The views expressed here are my own and not necessarily those of others in the Federal Reserve System. It has now been over six years since the most acute phase of the financial crisis. Over the intervening years, market structures have evolved, and financial firms have changed their business models in important respects.
Authorities around the world are implementing reforms that address the painful lessons of the crisis, while at the same time keeping the evolution of markets and firms in mind. Today, I will briefly summarize this sweeping reform program as it relates to large, global systemically important banks (G-SIBs), critical financial market infrastructure, and money markets.