The Global Financial Crisis has exposed substantial structural flaws in the regulation of capital markets, in particular the impact of an exponential increase in the value of derivative trading as well as the operation of specifc sectors, including securitisation. The reform process mandated in Basel Three increases the capital charges of banks to securitisation exposure. This work dovetails with the reform agenda developed by the Financial Stability Board, the objective of which is to 'cooridnate at an international level the work of national financial authorities and international standard setrting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financai lsector polcies.' It assesses vulnerabilities, promote coordination and information exchange and monitors and advises on market practice and implications for regulatory capacity. It has launched a series of peer-review reports, which includes Australia (November 2011), Canada (January 2012) and Switzerland (January 2012). This series tracks these developments and the national responses.