What exactly sparked the dramatic demise of MF Global? That question has sparked feverish speculation, with the words “hubris”, “funding crisis”, “poor risk controls” or “bad sovereign debt bets” being tossed around.

But as the debate heats up, there is another word which can be tossed into the mix: “transparency”. Right now, it might seem bizarre to say “transparency” in the same sentence as MF Global. After all, this is a brokerage that may have “lost” $1.2bn of customer money in opaque circumstances.

Nevertheless, if you leave aside the micro-mysteries surrounding the broker’s back office, in a macro, market sense, the issue of “transparency” is important. In particular, this debacle shows that investors are becoming savvier about some of the macro risks stalking financial institutions – and willing to react. Call it a new form of market discipline, one that is, crucially, speeded up.