We all have a natural tendency to look for the next "killer application" that will once again revolutionize the high-tech marketplace. This is the high-tech equivalent of "waiting for Godot," and we should not ignore the many, smaller changes to business practices that are continuing to yield real efficiency gains. When will the high-tech sector recover?
Traditionally, financial regulators in the United States have been given licensing authority as a key way of ensuring that responsibility for managing risks is transparently assigned with appropriate oversight. The development of new business models associated with evolving financial technologies has raised questions about the applicability of existing licenses and their adequacy to new business models.