Norman Chan, the chief executive of the Hong Kong Monetary Authority, cautioned in January that unless a more rigorous approach was taken to fixing the financial system, markets would remain volatile.

"Given what we have experienced in the last two years, it is my hope that the international community will see the wisdom of not waiting for the next crisis to learn how we can make the international financial system a more robust and safe one for all of us," Chan said.

Speaking at the Asian