While regulators have to weigh carefully the benefits versus the systemic risks posed by every new product, we cannot simply ban all innovation just because it makes us feel safer.
•  Measures of financial market turnover increased dramatically on a range of fronts. To give just one example, foreign exchange turnover increased by a factor of more than 30 in nominal dollar terms over that quarter-century, when the nominal economy itself expanded only by a factor of 4½.