Systemic risk continues to be a watchword for regulators. But while it is now frequently associated with the carnage wrought by US subprime mortgages, the term was formerly reserved for regulatory debate concerning hedge funds.

Some of these fears live on. In South Africa, systemic risk was a major reason why the country's Financial Services Board (FSB) officially commenced a licensing scheme covering over 100 of the country's hedge fund managers during the past year (see pages 74-76). To obt

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