3  Increasing importance of relatively new, largely unregulated players  The third trend we are observing is the growing importance of a number of relatively new players. What is common to them is the fact that they are unregulated or regulated only to a minor extent. This reduces transparency in the financial system.
2  BIS Review 129/2007  Let me talk first about hedge funds, which have come to play a major role in financial markets. Assets under their management have more than tripled over the past six years. They increased from USD 539 billion in 2001 to USD 1,810 billion at the end of the third quarter of 2007.