Heed the lessons of failure.
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On The ‘Fear Of Ostracism’ And Fixing FX
Bank of England Governor Mark Carney told bankers in no uncertain terms Tuesday to clean up their act. Nestling in his speech were some clues on where the sprawling probe into the currencies market may lead. Spoiler alert: the industry is likely heading for new benchmarks (though Mr, Carney doesn’t suggest here how they might work, and it’s hard to see an obvious alternative to what we already have) and tougher rules. (Also known as ‘rules.’ There are very few in the business end of spot FX.) “Authorities and market participants must act to re-create fair and effective markets,” he said. “In the Bank of ... (full story)
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