Letter: Ways to regulate derivatives
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.From Mr Stewart Price
Sir: In the light of the collapse of Barings merchant bank, and in a regime of self-regulation of the professions - particularly in the financial world - it is incredible that the Bank of England's own regulation of the banking profession should be so woefully inadequate. The internal controls that bankers are eager to demand from their clients are clearly lacking within the major clearing banks and merchant banks, as evidenced by the massive financial disasters of recent years. Heaven only knows what havoc would be created by an independent Bank of England!
If we are to protect the rapidly diminishing standing of the City of London, the enormous potential of the derivatives market for even greater disasters must now be tackled by the Government insisting upon severe computer controls of such trading. In a derivatives market whose gearing is motivated by greed, there clearly needs to be a limit to the "upside" as well as the downside.
Yours faithfully,
STEWART PRICE
Senior Partner
Astbury & Co,
Certified Accountants
Crewe,
Cheshire
27 February
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments