Additionally, there is, as Tim acknowledges quite clearly, an inherent conflict over certain time horizons between market discipline and competition for business. Precisely because hedge funds et al do add to turnover, they have considerable business to direct to financial intermediaries.
Luis de Guindos: Closing remarks - VIII High-level Policy Dialogue between Eurosystem and Latin American central banks Closing remarks by Mr Luis de Guindos, Vice-President of the European Central Bank, at the VIII High-level Policy Dialogue between Eurosystem and Latin American central banks, Cartagena, 29 November 2019.