Holding bankers to account

A decade of market manipulation, regulatory failures and regulatory reforms

This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–8. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, in the foreign exchange market and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.

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‘There is much to recommend the book — especially for the student of City of London history. … Particularly engaging is the way McDonald traces the evolution of regulation — from the roots of the Big Bang to the modern day. … She argues compellingly that the Big Bang capped off an existing market shift and was, in any case, not the rabid deregulation of simplistic portrayal. … Anyone with a keen interest in regulation will learn a lot
Financial Times

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