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Regulators are setting the bar very high and looking hard at Operations.

“CFTC fines Merrill Lynch $1.2 mln for client fee errors”. This was the headline from an Aug 24th Reuters article. Reading it was a surprise and it wasn’t; after all, fines for banks are almost an everyday  occurrence. What was a surprise was the nature of the fine and the detail of the case. The […]

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Religious fervour is needed in Operations inside investment banks

Religion is a dangerous furrow to plough, with every risk of upsetting any and everybody. This week’s post is about religious fervour; a doctrine and how it is followed. It is not about the rights and wrongs of one versus another. In the book, Scaling Up Excellence: Getting to More Without Settling for Less, the […]

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Ethics. 3 ideas to guide people in Operations in doing the right thing.

This post is inspired by two events. Firstly, an article in the Financial Times on how a US regulator is putting pressure on banks on matters of ethics. Secondly, I was recently asked to address a graduating class from a new academy in India. The FT article was from July 27th: “New York Federal Reserve […]

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Intraday Liquidity. An alternative settlement mechanism for any payment

I believe that there is a need for an alternative mechanism to conserve liquidity. It is not possible to do better than CLS for FX flows; CLS is the gold standard. That should not mean that a complementary Financial Market Utility (FMU) would not be a valuable tool for the industry. This post describes what […]

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