To some extent, it is a direct consequence of the inconsistency between, on one hand, the size, complexity and interconnectedness of large banking groups – operating far beyond national boundaries – and, on the other hand, the enduring fragmentation of the national legal and regulatory frameworks.
I still recall the trepidation that prevailed when RBI took this step which involved the central bank stopping the announcement of buying and selling rate every morning. Everyone waited with bated breath as to how market will open on day one. It did and the rest as they say is history.