At lunch the other day with two senior FX faces, it was impressed upon me how much management time is taken up with education. Not the education of juniors but of politicians and representatives of regulatory bodies.
It is little surprise that those charged with determining regulation for the financial markets are not always clued-up with the detail of the products that they want to oversee.
As a result, senior staff at major financial institutions are spending lots of time bringing the regulators up to speed.
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