Academics can produce mountains of research on financial services, with insights of outstanding brilliance, but there is little virtue in doing any of it if the results are not applied by the industry.

The Edhec Risk Institute, which I set up in 2001, has generally lived up to that rule - with one exception. Looking back as I prepare to step down as head of the institute next month, my great regret is that we have never really got through to regulators.