Financial markets have changed a lot in the past 20 years due to globalization, financial conglomerates, and new derivative products. These changes have made markets more efficient but also harder to regulate, leading to increased risk of financial instability. The speed of market reactions to bad news has reduced the time regulators have to respond in emergencies. Also, it's now difficult for market participants to assess the risks of others, making it harder for financial institutions to monitor each other.