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"It's black rock of Black Swan that's real question coming up now on the new fees of too big to fail. Here's. Question is whether asset managers. Fit into this rubric of institutions that can bring down a global system at two big things happen but -- speech from a senior official Bank of England. And we've -- got a deadline today for comments from the industrial city. Right so this is the financial stability board which is this global group of regulators who -- you know trying to take a global approach these things they've done banks. They thought about banks that are about insurance two -- -- now looking for is. Asset manages and a couple of other categories of financial. Just to get the acronym out of the way they're calling these let's get it tonight get it right. And B and -- cities which is known bank known insure global systemically important financial. -- -- things we've been picked on black rock crisis is because they're the biggest and because we've got four point three trillion dollars of assets under management which makes them. What's on the scale of any these votes and more I think it's actually on the management differently -- definition Lawrence that's on the management that any bank has a list ballots and well. So it's these -- huge. Organizations and in the sense of how much of people's money that running a big difference this is the point Blanco makes and its response. Is the Butler -- -- the political entity is actually cooled relatively stable. You know -- the concern right the big firms Yasser writers black cracks because -- presumably concerned. About being tagged with a sleeve on having August heaps of extra replace exactly. So closely who wants to avoid that -- what it's saying as well the funds if there's a risk it's enough individual funds. So -- because investors are on the hook not -- and you're saying the logic actually right and it is it is logical if you look if you think about. Funds that have had trouble release in the first instance it's been. Individual big funds mostly with high leverage which is the thing that like book points out is is may be the best indicator of whether -- present the rest of the system tool. Because leverage amplifies losses. When it comes to -- -- -- -- long term -- and a friend 1990 -- a -- There's quite a -- and I think below the hedge funds you can point to -- law. Even bits of banks that had trouble during the crisis a lot of it was to do to leverage and in the second posted in liquidity which is probably. Mean can you -- investors say can I have my money back can you sell assets at a reasonable price and give them money back in initial period of time but that's it. But he's saying it's the second issue I think that's -- -- right to say it. What they're saying is look at -- Heidi Levitt funds though look at have maybe have big they are as a secondary factor. But then look at us a big asset manager. As the systemic risk if it and having itself it's the funds not the firm players -- where are what will be a lot more talk about on this issue. And we we're back with more breaking news tomorrow."^^<http://www.w3.org/2001/XMLSchema#string>
<http://uk.reuters.com/video/2014/04/07/breakingviews-is-blackrock-a-black-swan?videoId=305467871>