I am reminded of what Fisher Black is reported to have once remarked, “The markets look more rational from the banks of Charles than from the banks of Hudson.”  1  The Rise, Fall and Fate of Principles Based Regulation -Julia Black LSE Law, Society and Economy Working Papers 17/2010 London School of Economics and Political Science Law Department.
BIS central bankers’ speeches  7  31. This brings me to my last and the most important point. The role of Authorised Dealers and FEDAI in times to come.