Aug/090
Hard court Consob
“Without transparency there is no trust and no trust there is any stability.”
“The outlook remains today characterized by deep uncertainty. The weakest, both in business and among the investors, are exposed to greater risks. Only the larger firms can raise equity capital in the market place and bonds without serious difficulty or excessive costs to consider.
With a bitter taste in mouth speaks the chairman of Consob Cardia.
“The new global rules under discussion would have to apply to all active players in financial markets, helps to overcome the problems created by the development of” shadow banking system “and an uncontrolled growth of off-market transaction”
“Last June he explained Cardio-effects have been initiated inspection findings against five major groups, aimed at verifying the practical implementation of the principles of correct behavior.” The chairman of Consob said that brokers must demonstrate renewed ability to influence policies on commercial customers’ needs, to define neutral incentive mechanisms of staff in contact with the public and to enhance the counseling service as a strategic and highly professional.
The chairman of Consob does not seem very pleased with how the banking system is heading.
Behavioral level banks are not very accurate and should include new mechanisms to improve relationships not only with customers but also with staff.
Are then forming external markets (shadow systems), out of the market that may lead to improper rigging.
Cardia design a system just some nor transparent, which may lead to further crisis, as in years past.
It conducting operations in a manner obvious to the supervisory authorities, and enabling better management of finance and a lower risk of falling into the vortex of losses.
Cardia is right, but banks do not think the same way.
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