Global policy-makers said market tumult triggered by the coronavirus pandemic in March exposed risks posed by non-bank financial firms and pledged to take steps to address them.

A long-awaited report released on 16 November by the Financial Stability Board, a global body that coordinates on financial regulation, highlighted money-market mutual funds that saw destabilising investor runs and that prompted the Federal Reserve to intervene. The FSB said it would work to develop specific policy improvements sometime next year.