Failure of Third Avenue high-yield bond fund brings mutual funds, ETFs, and hedge funds under close watch in 2016.

Goal is to stop revenue diversion from bond payments to other creditors.

As central banks back off from efforts to stem market losses, analysts suggest 2016 "will not be a tranquil year."

Next interest rate increase isn't expected until March, which gives policy makers time to evaluate the impact of turmoil in global markets.