The technological and communications revolution unleashed by the business and financial communities has engulfed banking. What its full implications will be is impossible to assess at this time, but it is clear that it will affect every dimension of finance and banking. Chapter 5 examines the implications of this revolution for central banks, focusing on two important aspects: use of private market-risk systems as a supplement to direct regulation, and cooperation among regulators in the form of a multilateral agreement, possibly under the aegis of the International Monetary Fund. This comment explores the advantages of regulation by private rule making and emphasizes the need for collaboration among bank regulators.