All of the agents stand back and assume that someone else will do the work, which means that many of them use the same sources of information for strategies and investments. The theory that market prices are based on all available information is thus overthrown. Prices are based more on recommendations from rating agencies and other external analysts who thereby assume great responsibility. To some extent, it must be the case that for each individual agent to research the information would be too costly and time-consuming. However, it is important to make use of the market that is there, with different analysts. A large number of agents closely linked to one another can lead to the liquidity in the market becoming more important - in short, that there is someone there when you want to sell at a reasonable price. There are greater risks that liquidity problems will arise when there are more links in the chain and if all of the market agents risk running in the same direction. Then there may be several agents trying to sell the same asset at the same time. Although many market agents have become much better at managing risk, many models are based on historical data which provides little information on risks in new, untried products. If one of these very improbable events were to occur, it could lead to increased uncertainty and willingness to rapidly change holdings, which would perhaps be difficult if everyone else had become more cautious.
In addition, we must of course maintain preparedness for managing crises, something which has become more complicated as integration has increased and which now requires greater efforts by central banks and financial supervisory authorities. Agents in the financial markets must also take responsibility. The risk management models in the financial institutions must be tested to a greater extent with regard to how they will function if market conditions change rapidly. VaR models need to be supplemented with stress tests that capture external events. Extensive price fluctuations and changes in pricing dynamics may mean that historical relationships no longer apply. 4/5  This is the financial system as we usually refer to it. However, perhaps the greatest difference that has occurred in the financial markets is that households have become a significant agent, even in Sweden. This applies first and foremost to households investing in mutual funds and pension companies. However, it applies to an increasing number of households, particularly through the new public pension system. Households as a group therefore bear more direct financial risk now. This also raises important questions. Are they prepared for this? What role do schools play in providing the necessary competence? Should other agents become involved? There is also a larger question in the background. How far should this development be pursued? Or, expressed another way: what can be done to help households wishing to minimise their financial risks, for instance, as they approach retirement age? These are large, but important, question that are raised by current developments.