Towards a common financial language - speech by Andy Haldane

In a speech drawn from a paper presented at the Securities Industry and Financial Markets Association’s (SIFMA) Legal Entity Identifier Symposium in New York, Andrew Haldane – Executive Director for Financial Stability and member of the Financial Policy Committee – considers the benefits of finance adopting a common language that he believes “…could transform both itself and its contribution to wider society.” The paper is written jointly with two Bank colleagues, Robleh Ali and Paul Nahai-Williamson.
Published on 14 March 2012

Haldane explains that the recent financial crisis exposed failures in the information systems of many firms, with few having the means to aggregate quickly information on exposures and risks. This hindered effective consolidated risk management, which proved terminal for some firms. And he notes that such problems were even more acute across firms, contributing “…importantly to failures in, and seizures of, many of the world’s core financial markets.”

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