Tucker: regulators knew reforms might create 'bumpy' markets

Prudential rules sought to bring about new market structure, says ex-BoE deputy governor

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On edge: markets have seen two recent bouts of intense volatility

"We were conscious this could happen temporarily when we set the policy," says Paul Tucker, senior fellow at Harvard University and former deputy governor of the Bank of England. He is talking about the episodes of breathtaking volatility that have punctuated the past 18 months – recently in the Swiss franc, but also in US Treasury yields and other fixed-income markets – giving rise to a steady drumbeat of criticism from banks and other market participants. Their charge is the new capital rules

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