RBI governor champions ‘logically robust' financial regulation
Financial markets are fundamentally different from other markets, warranting a different regulatory approach to financial innovation, Reserve Bank of India governor Duvvuri Subbarao today argued in a speech at the IDRBT Banking Technology Excellence Awards Function in Hyderabad.
Financial markets are different because they are not self-correcting and because financial firms are highly leveraged and uniquely interconnected, Subbarao said. Moreover, he added, "they are reflexive in the sense that
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