Thus, there was, and is, no reason to presume that the regulatory framework of the CEA needs to be applied to the foreign exchange markets to achieve the public policy objectives that motivated the CEA. Indeed, the wholesale foreign exchange markets provide a clear and compelling example of how private parties can regulate markets quite effectively without government assistance. BIS Review 19/1997
To quote from Dr. Jalan’s inaugural address: “… despite a turbulent year and many challenges we have made progress towards this goal” and by goal he means the vision of a sound and well-functioning banking system.