The reform of the capital market, centered on the separation of the various funds from the banks, is an historic event, but it is not the end of the story.
While improvements in the methodology of risk models and the transparency of better risk modeling in business decisionmaking are very useful, I believe we cannot stop there. Banks that have similar models of risk can have very different inherent levels of risk. That is, each institution has to decide what level of risk it is willing to accept to run its business.