However, not all markets are critical to the proper functioning of the financial system, so the Bank has been working to identify "core" markets, markets that, through appropriate policies, we would strive to keep operating without interruption, even during a shock.
Second, because the regulatory system has tended to focus more on individual financial institutions than on interdependencies or systemic risk, the Bank of Canada, like many other central banks, has been looking at ways to strengthen financial regulation by adding a "macroprudential" orientation – that is, more focus on the system as a whole.