The world’s financial stability watchdog is launching a probe of the build-up of debt outside traditional banks, as it seeks to limit hedge funds’ borrowing and boost transparency.
Klaas Knot, chair of the Financial Stability Board, told the Financial Times the review was intended to address rising risks from so-called “non banks”, which include hedge funds and private capital.
“If we want to arrive at a world where these vulnerabilities are less, we have to tackle this issue,” he said, referring to the key role played by non-banks’ debt in stoking recent crises, such as the bond market meltdown at the start of the pandemic.
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