The Financial Stability Board has published its first annual report to the G20 on the implementation and effects of the financial regulatory reforms. The report identifies three areas that merit close ongoing attention, namely: (i) spill-overs on some emerging and developing economies from the implementation of reforms in home jurisdictions of global financial institutions; (ii) the maintenance of an open and integrated global financial system in the aftermath of the financial crisis; and (iii) the causes and financial stability consequences of recent shifts in liquidity in fixed income markets.