The BIS has been fretting about what might be lurking in shadow banking for a long time. The cynical view is that they just want to expand their regulatory surf

The BIS has been fretting about what might be lurking in shadow banking for a long time. The cynical view is that they just want to expand their regulatory surface. But the recent events in the UK pension funds universe (had to be summarily bailed-out without much ado - though interest rate, not FX derivative related) suggests they might know what they are worried about...