13  Financial Times, 10 July 2007, quote by C. Prince, former CEO of Citigroup. 14  See A. Maddaloni and D. Pain, “Corporate ‘excesses’ and financial market dynamics”, ECB Occasional Paper No 17, July 2004. 4  BIS Review 139/2008  markets and intermediaries.
Regulated markets, characterised by standardised products, and a broad base of investors, with access to information and legal protection, generally offer better-quality information. However, the markets for structured products work largely over the counter, and a large part of the financial sector is unregulated.