Tuesday, September 24, 2019

I Think The FT's Izabella Kaminska Would Do Quite Well In A Totally Unregulated Market

She would observe the field.
Evaluate  the participants.
Develop potential strategies.
And then go full fuckin' Boudica on their sorry Roman asses.
Or something.

From FT Alphaville:

Why a reliance on experts poses a regulatory conflict   
What is the point of a financial ethics body that has no power to enforce or implement the rules and guidelines it comes up with in the markets it supposedly polices?
To the average person, very little
But market practitioners and advocates of self regulation have a different opinion.

They say that by forming guidelines for fast-evolving business practices that have not yet been considered by the law -- let alone properly tested by it -- they can pre-empt bad practice and future scandals. This especially makes sense when you consider those accused of wrongdoing in famous market-rigging cases often claimed they did not necessarily know that what they were doing was wrong, because their industry appeared to condone such practices, or at least do nothing to stop them.
Clear guidelines on what is ethical and what is not -- irrespective of whether it is strictly legal -- eliminate any ambiguity, making it in theory much more difficult for such practice to continue unchallenged in the face of external, client or internal criticism.

But if that is the case, who better to provide expert testimony on what qualifies as manipulation or collusion than those working under the auspices of an entirely independent body set up with the explicit objective of forming guidelines by consulting all market participants (both buyside and sellside)?

Or so you would think....

This is not the first time that, watching Izzy scope out a market structure, the thought came to mind that she could be quite formidable.
There was the time she decided to shred Silicon Valley:
Uh Oh, I Think Izabella Kaminska Is Channeling Queen Boudica, And She is Not Amused

And when she declared jihad on John Lewis, let's just say it made Stalingrad look like a happy little get-together.