Twin Peaks Revisited - Centre for Competition Law and Policy
Twin Peaks Revisited - Centre for Competition Law and Policy
Twin Peaks Revisited - Centre for Competition Law and Policy
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Justification <strong>for</strong> traditional<br />
approach<br />
� Clear separation/segmentation of financial sector<br />
along industry lines<br />
� In some cases segmentation due to legislative decree<br />
(e.g. Banking Act 1933 in US), in others due to custom<br />
<strong>and</strong> practice (UK pre-Big Bang).<br />
� Banks the only systemically important financial<br />
institutions: required special level of supervision <strong>and</strong><br />
regulation <strong>and</strong> oversight usually provided by central<br />
bank (as lender of last resort)
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