In a letter to UK bank chief executives, the BoE said its analysis of the circumstances of the Archegos failure had found “significant cross-firm deficiencies” in the way bank prime brokerage businesses allowed the fund to build up huge loans that it ultimately defaulted on.
Interesting. How often have we been told that the great clean-up after the Great Financial Crisis had made it the Crisis to End all Crises?
Apparently there is a bit more tidying to do.
See our letter about, and Governor Bailey's response to, the Archegos fallout
