In the UK, the FEMR highlights this issue as a significant opportunity for reform. 4  BIS central bankers’ speeches  Much of this comes down to ensuring that the institution, and the FX market more generally, has the appropriate culture. But the same problem arises with codes of conduct as with the principles for information sharing I talked about a minute ago.
Enterprises are increasingly meeting their financing needs directly through the capital markets, that is: by means of negotiable paper. The dynamism of this disintermediation process may be gauged by the development of the equity market: the degree of market capitalisation has increased significantly.