Much of the agreed-upon financial reform legislation calls on large banks and brokerages to improve their risk management functions, to help avoid another meltdown.

But fund managers also will have their share of work cut out for them. The legislation doesn't specify any operational or technological changes fund managers must make-yet the greater oversight of the $605 trillion over-the-counter derivatives market will require upgrading of front-, middle- and back-offices, to exchange data between different trading parties, clearinghouses and repositories.

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