Shadow banks had a significant role to play in the build-up of the financial crisis, as part of banks’ actual risks did not appear on their own balance sheets, being hidden as off-balance-sheet items. 5/7  BIS central bankers' speeches  Various views on the management of risks in the shadow banking sector have been put forward since the crisis.
The use of derivatives has enhanced the efficiency of spot prices, whose daily volatility has declined compared with the first half of the 1990s and is approaching the levels recorded in more mature markets.