FCA's Bailey on Libor, 2008 Lessons, Woodford Redemption Freeze

The transcript covers the transition from Libor, highlighting bank readiness and the challenges of legacy trades. It discusses lessons from the Northern Rock crisis, the evolution of shadow banking, and market integrity. The Neil Woodford fund suspension is analyzed, emphasizing the need for orderly processes. Regulatory coordination is addressed, with comparisons to MiFID II and Brexit, underscoring the global impact of these financial changes.

What are the implications of the shift in financial intermediation from banks to non-banking systems?

In what ways could the end of Libor be more disruptive than MiFID II or Brexit preparations?

What measures can be taken to ensure the integrity of markets in light of the issues surrounding illiquid assets?