The new capital regulation is an attempt of precise risk measurement, including but not limited to the credit risk, and its reflection in the capital requirements. Newly emerging institutions operating in several segments and on several markets increase the operational risk. It seems that the scale of threats related thereto grows in line with the technological development. Globalization of financial markets and relations among institutions of various segments trigger a disruption that may bear consequences not only for individual institutions, but which may, through the payment system, spread over to many other entities, including those in the real sector. 43 The operational risk problem has been noted by the Basel Committee on Banking Supervision, which for the very first time has included it in its supervisory regulations (the New Capital Accord). Banks and investment funds have been obligated to gather information on operational risk incidents and to estimate capital to cover this risk. Capital mobility and business activity of large, international financial corporations also translate into institutional changes on local markets and challenges to be faced by supervisory authorities responsible for financial stability. Financial markets of the new EU Member States, whose large share is held by foreign investors, i.e. institutions operating globally or regionally, may serve as an example. In addition to the capital necessary for the development of the institutions and markets on which they operate, the presence of industry institutional investors has brought about a number of other positive results.

Data on inflation or output simply appeared in information services at certain times. The NBP used to send the data on the balance of payments by fax to those analysts who requested for them. When, as the first financial markets economist in Poland, I launched a weekly macroeconomic service for customers, an analysis, which was one or two pages long, would be put on the pre-programmed fax machine, and it was not until the afternoon that the transmission was accomplished. At present, nearly every bank in Poland has its chief economist supported by a team of analysts who send hundreds or thousands of e-mails every morning, which reach tens of thousands of investors worldwide (banks, investment funds, arbitrage funds, company managements, wealthy private banking customers, decision-makers and central bankers). At present, the management of a large fund may receive hundreds of e-mails daily that contain analyses of listed companies, currencies, or macroeconomic and political developments. Nowadays, the problem does no longer involve access to information, but pertains to the excessive amounts of information and analyses that must be skilfully selected. In response to these – and other – challenges 3 international standards have been elaborated in the recent years. Not only the quantity, but also the quality of information and the comparability of data have been increasingly appreciated. In addition, unification of principles that govern the functioning of individual financial market areas has been a precondition for the development of effective competition in the international financial system.