The financial sector was itself transformed: it both expanded very rapidly and became increasing dominated by market based transactions, such as the trading of asset backed securities, as opposed to more traditional relationship banking. It also developed an array of complex new financial instruments such as derivatives, from which large profits could be generated while the risks were often regarded, wrongly, as negligible.
As I have already mentioned, authorities and the industry need to work together to examine these issues and to continue to enhance the safe and efficient implementation of interoperability arrangements An initial question to be examined is whether regulators should set any limits on the potential scope of interoperability.