UK Treasury calls for more regulatory convergence

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LONDON – The UK Treasury has released a report calling for increased international regulatory convergence and warning against protectionism. The paper, “Embracing Financial Globalisation”, also warns against the increased risks of market instability and financial crime. It divides the risks of market instability into endogenous risks, such as pro-cyclical risk-taking behaviour, and exogenous risks, such as a pandemic outbreak or terrorist attack – both of which the paper says the UK is well

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