Conduct in wholesale markets

Held on Monday, January 29, 2018.


  • Kweku Adoboli

  • Gerry Harvey (FICC Market Standards Board)

  • Stefan Stern (High Pay Centre)

  • Simon Webley (IBE)



MiFID II is finally with us, and Basel III (IV?) was finalised in December – a mere nine years after the collapse of Lehman.

They mark the culmination of a genuinely extraordinary period of financial regulation: higher capital requirements, tighter risk models, leverage ratios, funding ratios, governance regimes, remuneration guidelines, resolution regimes, CCPs, stress test guidance, disclosures and reporting…compliance officers have never been so busy.

But have regulators been barking up the wrong tree? 

In the words of Jonathan Davidson, the FCA’s Director of Supervision: “the crisis was as much a conduct crisis as it was a prudential one”. And reforms to bank culture have been – comparatively – light.

One man who knows more about misconduct than most is Kweku Adoboli, whose unauthorised positions cost UBS billions. Kweku has now served his time – and he is keen to make the argument that the post-Crisis regulatory response has focused too much on prudential mechanics and too little on practical conduct.

But is he right? Joining us to discuss culture in wholesale markets we are delighted to welcome:

  • Gerry Harvey, CEO of the FICC Markets Standards Board (FMSB). He was Group Head of Compliance for the ICAP Group from 2010 to 2015.  Prior to ICAP he worked at a number of organisations, including the Global Banking and Markets Division of RBS, Nikko Europe, LIFFE and NatWest Markets.
  • Stefan Stern, director of the High Pay Centre, and a visiting professor at Cass. He is a regular contributor and former management columnist at the FT, and co-author of the recently published Myths of Management - what people get wrong about being the boss.
  • Simon Webley, research director for the Institute of Business Ethics. He is a member of the ICC’s Commission on Corporate Responsibility and Anti-Corruption, the BSI Anti-Bribery Standard Panel, and has written more than a dozen studies on business ethics – most recently on codes of practice.

So, come along – and, maybe, bring a friend. Just let us know first – by calling the CSFI on 020 7621 1056 or by emailing As usual, there will be wine and sandwiches.

Sincerely yours,

Andrew Hilton