Even if it were identified, tacit collusion would not meet some current legal definitions of collusion.22 Legal clarity is also required in many jurisdictions with respect to data privacy, information security and consumer rights. We also need to determine how best to manage the risks that concentration in digital services 4/7  BIS central bankers' speeches  can pose for the financial system.
Top of mind for me are the growing operational risks (including cyber risks) from a very concentrated set of third-party service providers that our financial institutions use—cloud services, data aggregators and related analytics. How concerned should we be about these third parties—telecommunications companies and tech companies—given that they typically fall outside the current regulatory perimeter?