As markets and regulators begin to digest the massive failure of MF Global, many have come out to call for stricter enforcement of the Volcker Rule, which aims to separate proprietary trading from commercial banking in order to minimize systemic risk.

FORBES: Client Cash Reportedly Missing At MF Global; Debacle May Underline Case For Volcker Rule

And there is much more to be done, it suggests, involving cross-border banking, disclosure requirements, indices of systemic risk and international co-operation.

ECONOMIST: World economy

Government assistance to the banking system should be based on solely preventing systemic risk that would endanger the entire financial system and the economy.

NPR: How Will Our Next President Fix the Economy?

In addition to the systemic risk board, the other three regulators would be the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority.

BBC: EU unveils new 'super-regulators'

Meredith Whitney, a financial analyst who foretold the banking crisis, thinks America's states could be the next source of systemic financial risk.

ECONOMIST: Public-sector pensions