one hundred murray did progress into three or four straight sets victory and the german is tobias comcast. possible now to sky have unveils two new signings whom they hope will once again make the russian club a force to be reckoned with in europe moscow outfit enjoyed a wretched season last time out as they fail to get past the first hurdle of the year only which of course has more. doing serious grass was campaigning in a decade the club has been quick to rank. crease stooge and some in media have been bored seemed to try and help the team to back to advantage with the best clubs from around the continent and moon who's come off a stellar season in the french league said to join the team like serious car was a no brainer this is a team full of great players and you know i know my role is going to be different this year than it was you know the last two years in france where you know the best part of the challenge as as a player and as part of sort of me wanted to have a better career is just pulling less of a role but in the bigger picture so i'm excited about that you know i feel like

tobias come k. also in straights russian the winter soon often will progress the after conquering ernest. compadres. exhibit at the hands of the richard b. casting. basketball where c.s.r. have unveiled the two new signings they hope will once again make the russian club a force to be reckoned with in europe the most school outfit enjoyed a wretched season last time aren't falling up the first hurdle of the euro league a competition they have won twice since two thousand and six. during serious cast was campaigning in a decade the club has been quick to rank. and some in media have been booted to try and help the team to back to advantage with the best clubs from around the continent a man who's come off a stellar season in the french league said to join the team like say scott was a no brainer this is a team full of great players and you know i know my role is going to be different this year than it was you know the last two years in france where you know the best part of the challenge as as a play

to my left is tobias adrian who works for capital market issues for the better will reserve bank of new york. anyone following the issues is very familiar with his work. extremely good and extremely necessary. i would like to ask you a few things about the areas you are focusing on. specifically, it seems like in the housing crisis you would not go without reading the pieces of the alphabet soup bringing us down. are they still around and are they still a threat to the system? >> thanks for the introduction. and thanks for pew and nyu to organize this great conference. i will talk about structured credit markets and in particular the way and that dodd-frank is changing securitization. there are some slides that were distributed just over lunch, so you can basically follow the slides. talking about two areas -- securitization and acp conduits, a subset of securitization. first of all, let me start by saying that my views are my own and not necessarily representative of the federal reserve bank of new york for the federal reserve system. when you think about that shadow banking system, se

so for example, tobias mentioned about asset-backed commercial paper conduits which had lines of creditfrom the parent commercial banks. so now i'm the one hand of the transfer the out, but through the lines of credits the risk will travel back to the commercial banks. you can think about private mortgage bank, against the risk run was not complete because of the monoline defaults on the credit, the risk is going to stay with the holder of the original securities. and so, what this creates is not necessarily a shadow banking system that completely is join from your existing banking system. it's actually interconnected, intertwined in very complex ways depending upon whether the full risk transfer was the efficient way of exploiting leverage or whether a partial risk transfer was actually the efficiency of transferring leverage. and, therefore, it suggests that the regulation of shadow banking is important, not just to contain the risk in certain parts of the system outside of the regulated banking system. it's important even to control the risk of the regulated banking system itself, be

and after lunch we turn to shadow banking, tobias harrington. and a conversation with neil barofsky which i'm looking forward to. an afternoon break which we'll take if we can, we may be short of time. and we'll finish up with international coordination without which nothing since this global problem if you fix a part of the problem and don't fix the whole thing, you can get into trouble. i'd also like to acknowledge our distinguished moderator for the day, jon hilsenrath is here, christa freeland from reuters and steve weissman from the peterson institute are going to be running our panels, and i hope they'll hold our panelists' feet to the fire, provoke wider participation and maintain discipline at the same time. good luck. [laughter] um, mechanics. i don't think there's anything mysterious here. food will be in the back during our breaks. if you haven't already found them, our bathrooms are down the corridor here towards the elevators and beyond. papers are on the resource table outside, materials will be online, available online at www.pewf