For bank regulators, tech giants are now too big to fail

FILE PHOTO: A Google Cloud logo outside the Google Cloud computing unit's headquarters at the Moffett Place office complex in Sunnyvale, California, U.S., June 19, 2019. REUTERS/Paresh Dave/File Photo

LONDON (Reuters) - More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they're not banks.

This time it's the tech giants including Google, Amazon and Microsoft that host a growing mass of bank, insurance and market operations on their vast cloud internet platforms that are keeping watchdogs awake at night.