The article discusses the challenges facing the global financial system, such as the risk of another financial crisis, adapting to new technology, and political influences. It suggests that improving financial regulation requires cooperation between regulators and the financial industry, as well as decentralization of regulation. Financial stability is seen as a common goal but is difficult to achieve globally. The article analyzes post-crisis financial regulation trends, including issues like credit crunch and regulatory costs. It predicts a mix of standardization and innovation in financial markets. The COVID-19 pandemic is expected to impact financial markets and regulation. The article proposes steps to address failures in the financial regulation system.