It covers four areas: (i) consolidation and group-wide approach, which deals with non-regulated entities within groups; (ii) hedge funds (other funds, such as money market funds, will be considered at a later stage); (iii) mortgage originators and brokers and other intermediaries; and (iv) risk transfer mechanisms, focusing on credit risk transfer instruments and associated markets.
•  This group is drawing on IOSCO’s work on unregulated markets and products, focused on securitised products and credit derivatives markets – a consultative document in this area will be put out in the next days. •  The IMF and the BIS are advancing their work on methodologies to quantify systemic risk and identify systemically relevant institutions and activities.