By Dimitris N. Chorafas (auth.)
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Extra info for Basel III, the Devil and Global Banking
Its risk comes from the fact that some technological advances in the financial markets can have unwanted consequences. What HFT offers is a number of conceivable advantages for the markets’ efficiency, including greater liquidity and narrower bid-offer spreads. There is also a downside, where such things as data input errors, technical glitches and malfunctions are found. Because of the large volume of order entries affected, these lead to a massive price volatility, which generates uncertainty among traders, impeding the smooth functioning of financial markets and creating hazards that can lead to systemic risk.
The essence of it is that, by creating an excessive amount of money the state loses its credit standing, while the printing presses accelerate, resulting in a breakdown in business confidence and the value of money shrinks sharply. Typically, this takes place within a pattern of misguided incentives, further encouraged by lack of transparency and inadequate risk controls. Since the 1980s, misguided incentives have accelerated the drift toward an 24 The Perpetual Motion of Global Finance economic precipice, leading to the question of whether Alan Greenspan’s ‘New Economy’ was only smoke and mirrors after all.
The bank replied that it was trying to accommodate clients seeking access to the Madoff business – a very poor excuse indeed. ’16 But again, for unknown reasons, business continued as usual as though CEOs, chief operating officers (COOs) and risk managers did not understand that a myriad opportunities present themselves with: • a market-wide geographical explosion; • novel financial instruments popping up like mushrooms; and • the changing nature of financial markets’ participants – with bifurcation between large and complex institutions and single individuals.
Basel III, the Devil and Global Banking by Dimitris N. Chorafas (auth.)