We are also leading cooperative efforts by market participants and regulators to strengthen the infrastructure of key markets, including the market for securities repurchase agreements and the markets for credit derivatives and other over-the-counter derivative instruments. Informed by our experience during the crisis, we have also taken a number of steps to reorient and strengthen our supervision of the largest, most complex financial institutions.
The financial crisis has made clear that supervisors must adopt a macroprudential, or systemically oriented, approach that addresses both safety and soundness risks at individual institutions and risks to the stability of the financial system as a whole.