Aug
31st
Fri
31st
Andrew Haldane says that: “Modern finance is complex, perhaps too complex…As you do not fight fire with fire, you do not fight complexity with complexity. Because complexity generates uncertainty, not risk, it requires a regulatory response grounded in simplicity, not complexity.” That would require “…an about-turn from the regulatory community from the path followed for the better part of the past 50 years.” But when it comes to financial regulation, concludes Andrew Haldane, “…less may be more”.
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Exciting to see that one of my heroes (Andy Haldane) agrees: (from 2008) Fighting complexity with…more complexity!
Been saying this for years: it’s not TBTF (per se) it’s TCTF (too complex to fail)…
And that best response is not more regulation but more competition…
Basically banking needs a reboot. And that’s why Anthemis.
