The Financial Stability Board (FSB) has led a global conversation about transparency in securities finance and leverage for over a decade. Sometimes this translates into national regulation and other times just fades away. Their latest report on non-bank financial intermediation (NBFI) looks specifically at hedge funds, family offices and similar firms where leverage accrues, and what regulators can do to oversee risk. There are some points here worth tracking for their broader implications on regulation and risk management.
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