Sessions with titles like “Reconfiguring the Global Financial Regulatory Architecture” are not always the most difficult to get into at Davos. This year is different. As the second G20 summit approaches there is a sense that decisions may be made which could significantly alter the environment within which financial firms work. So the topic seizes the attention here, especially of those who worry they may be brought into the net, like hedge funds and private equity firms. The private sector is not, however, defending the status quo. There is a widespread recognition that the system, especially in the US, but also in the EU, has not done what it says on the tin. And I detect an emerging consensus around three points.