intense competition on banks and other financial institutions, as a period of oligopoly ends: more rather than less innovation is needed to help share undi- versifiable risks, with more attention to correlations between different risks. Charles Goodhart of the London School of Economics (LSE), while ques- tioning the idea that volatility has increased, concludes that structural changes have made regulation more problematic and calls for improved information availability on derivatives transactions. In a thirteen country case study of the bond market turbulence of 1994, Bo- rio and McCauley of...