Financial markets have changed due to traders' influence, leading to increased complexity and risks. Current regulations and risk management practices are not sufficient. Innovations in technology and trading strategies have made markets more efficient but also riskier. To address this, a new regulatory model called the "Twin Peaks" model is proposed, which would improve oversight and management of market risks. This model suggests moving regulatory functions to new bodies and establishing separate oversight for market stability. By adopting this model and core regulatory principles, regulators and market participants can better manage financial market risks.