"The City has nothing to fear from better regulation. In fact, good regulation can be a competitive advantage to the City - who wants to buy financial products or invest in poorly regulated markets? Nobody. The market itself will demand confidence-boosting regulation.
"Regulation is toothless without effective enforcement and supervision. There is no point writing new rule books if we do not consistently implement the rules we already have. So I would like to see much more emphasis on enforcement.
"I welcome the G20's renewed commitment to international colleges of supervisors and the creation of a Financial Stability Board. The City now needs to see them happen.

3. Trade:

"We must avoid a retreat into protectionism. Turning inwards at this time of economic turmoil will not provide the solution. Such a move would certainly lead us deeper into recession rather than recovery.
"Of course there is a great deal of fear and anger amongst people around the globe at the current economic climate but governments must have the courage to work together and make the case that free trade is the best way to return to prosperity.
"I welcome the major extension of trade finance. This will help emerging and mature markets alike.

4. Hedge Funds:

"Any financial institution which could pose a systemic risk must be regulated. Hedge funds are no exception. If it quacks like a duck, it's a duck."

Ends

About Stuart Fraser: Stuart Fraser is Chairman of the Policy and Resources Committee of the City of London Corporation.
Read his biography
About the City of London Corporation: The City of London Corporation provides local government services for the Square Mile, the financial and commercial heart of Britain. The Corporation works nationally and internationally to maintain and enhance the City as a world-leading international financial and business centre. It also serves London and the UK with special responsibilities such as the Barbican Arts Centre, the Central Criminal Court at the Old Bailey, 10,000 acres of open space including Hampstead Heath and Epping Forest, three wholesale food markets, three inner-London City Academies, the City Bridge Trust, economic regeneration programmes in neighbouring boroughs and acting as London’s Port Health Authority.
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