Transcript of talk

Individuals have been manipulating wholesale financial markets since at least the time of the Napoleonic War. The law courts are cluttered with repeated examples of abuse, which successive attempts to legislate and regulate have failed to stem. At the same time, the cost of these abuses, both to market participants, and to firms operating in markets, have been very high. Why do these problems keep recurring? And do they have broader implications for economic activity? If traditional approaches have manifestly failed, what new approaches could be tried and why might they succeed? What is the FICC Markets Standards Board attempting to do, what challenges does it have and why should it succeed?  

Mark Yallop is the Chair of the FICC Markets Standards Board (FMSB) and as well as an external member of the Prudential Regulation Authority (PRA) Board. Mark was UK Group CEO for UBS from 2013-14. Prior to this he was Group COO for ICAP plc from 2005-11 and spent 20 years at Deutsche Bank from 1984-2004 where he was instrumental in building their investment banking business and served as Group COO from 2002-04. He has been a member of numerous financial services industry bodies.