Despite the fears of many, the financial industry and its exchange traded funds (ETFs) have yet to be socked by any fallout from the new legislation. That could be because the financial industry is often a step ahead.

In a sly move, Goldman Sachs (NYSE: GS) moved half of its stock-trading operations to its asset-management division so that traders may make the same market risks under the guise of “customer-related” trades, remarks Gary Gordon for TheStreet. Bank of America (NYSE: BAC) may also engage in a similar play.

Lest anyone think that the new legislation is a panacea for the system’s ills, think again.

The International Monetary Fund (IMF) stated that the U.S. financial system is recovering but still remains vulnerable because there’s no streamlined regulatory system, report Bob Davis and Ian Talley for The Wall Street Journal. [ETFs Waver Despite Strong Financial Earnings.]

The IMF pointed out that the large, multiple governmental entities made coordinating oversight and uncovering risks difficult. Additionally, the new Financial Stability Oversight Council, who oversees potential system risks, could also be impeded, says the IMF. [The Financial Bill.]