UK: 'Three Truths for Finance' - a speech by Mark Carney

Yesterday, the Governor of the Bank of England, Mark Carney, delivered a speech titled Three Truths for Finance: see here (pdf). In setting out these three truths, Dr Carney exposed three lies: this time is different; markets always clear; and markets are moral. He argued that more needed to be done to restore trust and fairness, and stated:

Individuals need to be held more to account for their actions. Doing so will require new common standards, cast in clear language, better training and higher qualifications, and ways to ensure that when employees are fired, their history is known to those who consider hiring them. Firms must take responsibility for the system by improving the understanding of acceptable trading practices. The industry has already taken the lead by establishing a new FICC Markets Standards Board that will establish common standards of market practice that are well understood, widely followed and keep pace with markets. Regulators need to take a tough line on market abuse, including extending criminal sanctions to every corner of currency and fixed income markets. And to consign the Age of Irresponsibility well and truly to history, London, as the largest global market, must lead the development of global standards."