(Bloomberg) -- Global regulators moved to rein in risk at the world's biggest money managers led by BlackRock, calling for new curbs on trading activities to protect against the potential that losses at investment funds could threaten the broader financial system.

The Financial Stability Board, whose members include the U.S. Federal Reserve and the Bank of England, said on Wednesday that exchange-traded, mutual and other funds deserve extra oversight to ensure they can sell assets to meet investors' demands to pull out their money during volatile markets. While there is scant history of funds spreading risk throughout the system, the growth of the $76 trillion industry and funds' move into more complex assets have drawn regulators' attention, the FSB said.

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