Regulators always live in interesting times

I visited one of the deputy governors at the Reserve Bank of India (RBI) a couple of weeks ago and discussed, amongst other things, my continuing obsession with the fact that volatility is so low in markets everywhere. He pointed out that, since the financial crisis, regulators are active everywhere. Not only have banks been slapped with huge fines - although, to my surprise, there have been no prison sentences - but capital requirements been cranked up substantially - and appropriately, I might add. As importantly, regulators are much more proactive. If there is ........

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