When a company like Goldman Sachs starts calling itself a technology company, it's starting to seem impossible for any financial services regulator/lawyer to rest on knowing the rules of the game, when the game itself is about to fundamentally change, if not already.
Speaking at Macquarie University's financial risk day (via the AFR), NYU Professor David Yermack, said:
"I think we are in for a long period of probably 10 to 20 years, where very radical changes are going to occur in the financial system and regulators all around the world are going to have great difficulty keeping up."
As for Goldman Sachs:
"If you asked them who are their competitors, it wouldn't be Morgan Stanley or Citibank: it would be somebody like Amazon or Google."
Perhaps it's about time firms rebrand their Banking & Finance practice groups to Technology, Banking & Finance.