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Regulation versus free markets – an eternal fight between cat and mouse with no clear winners and unexpected twists and turns. One way or the other, this is a brief description of pretty much any industry since the birth of laws and regulations centuries ago.
When it comes to the financial services industry, regulators are always claiming to be protecting interests of clients, but many times they are merely protecting the interests of different lobby groups. Other times their actions are inadvertently creating loopholes and new structural problems for the financial markets.
European financial services authorities have been tackling practices which they ... (read more)