The response of the Basel Committee, the Financial Stability Board, the European Commission and the G20 has been to devise ever more complicated and more detailed rules to limit the risks to banks and the wider economy of the byzantine complexity of the way banks manage themselves and the astonishing counter-intuitive complexity of products created by financial innovation.

BBC: Does JP Morgan loss show regulators' great failure?

On Monday, the global equity markets reacted positively to the European Commission saying it is discussing plans to extend the European Financial Stability Facility.

FORBES: Top Value Picks In Emerging Markets For Last Week Of Sept.