Mr. Aidan Carrigan:

The shadow banking sector is as big as the banking sector. Within Europe there are 40 different regulatory instruments which cover various aspects of the shadow banking sector. They deal with a range of areas, including equities, derivatives trading, high-speed trades and new trading centres. Many of these issues have been in the media in recent times because of a book published in the United States about the speed of trades. All of these are seen as a part of the shadow banking sector, and money market funds comprise a small element of that. There remains a challenge for the international community to harmonise its approach to regulating the entire shadow banking sector and the range of activities that take place within it. We deal with a range of European directives, such as MiFID, which are immensely complex because of the complexity of the sector.