On 9 December 2020, Mark Carney, former Governor of the Bank of England, gave his second Reith Lecture for the BBC, entitled ‘From Credit Crisis to Resilience’. Dr Carney lamented the “repeated episodes of misconduct” affecting key financial markets such as those for bonds, currencies and derivatives.
Dr Carney explained that these markets had become “informal and clubby” prior to the global financial crisis of 2007-2008 and that “rather than everyone taking responsibility for their actions, few were held to account”. Referring to collusion between traders using online chatrooms, Dr Carney noted “how completely detached the traders were from the businesses and households whom they were cheating”.
