New forms of intermediation may carry new risks, or older forms may acquire new risks as they expand and adapt to new circumstances. If we are to pursue a policy of case-by-case assessment that permits healthy forms of nonbank intermediation while protecting the financial system, financial regulators will need to develop effective and supple mechanisms for what I have termed prudential market regulation.
10  See Mary Jo White (2014), “Enhancing Risk Monitoring and Regulatory Safeguards for the Asset Management Industry,” speech delivered at the New York Times DealBook Opportunities for Tomorrow Conference, New York, New York, December 11. 11  See 80 Fed. Reg. 62274 (October 15, 2015). BIS central bankers’ speeches  7