The importance of ethics for a sound financial environment I do not need to highlight to an audience such as this one the importance of ethical behaviour in financial markets, not just from a moral point of view, but equally from a point of view of economic efficiency.
In an industry where the conclusion and enforcement of contracts is based on trust – trust from the provider of capital that he is fairly rewarded for the risk of potentially losing some of his assets; trust from the borrower that he is charged a fair price for his access to capital – any breakdown in that confidence can quickly lead to incorrect pricing and in turn, improper allocation of resources.