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Bad apples, rotten barrels and rebuilding trust in financial markets
Journal of Financial Compliance,
2
(1),
78-90
(2018)
Abstract
The manipulation of wholesale markets revealed in the aftermath of the global financial crisis is nothing new, but rather the latest manifestation of a phenomenon that has existed throughout the era of modern capital markets. This paper examines the scale of the problem and its fundamental root causes, both those created by structural, environmental factors and the personal motivations of the individuals involved. It discusses the serious limitations in using regulation and legislative measures to cure the problem and an alternative, global standards based approach being attempted by the Fixed Income Currencies and Commodities Market Standards Board.
Keywords: wholesale markets; manipulation; conduct regulation; trust; standards
The full article is available to subscribers to the journal.
Author's Biography
Mark Yallop is Chair of the Fixed Income Currencies and Commodities (FICC) Markets Standards Board and an External Member of the Prudential Regulatory Committee and the Financial Markets Infrastructure Board at the Bank of England. Prior to this, Mark was Chief Executive Officer for the UK businesses of UBS AG, Group Chief Operating Officer for ICAP plc and Group Chief Operating Officer for Deutsche Bank AG, after a career in fixed income markets. He has also served on the Board of ISDA and numerous other industry bodies and associations. Mark is a graduate of Oxford University.
