So what did we learn from the BOE about the fx manipulations? Sweet FA in the main but.

The committee pushed and pushed Carney and Fisher over what the BOE did or didn’t know about any manipulation before they opened up their investigation and they managed to swerve defining a real answer. They may have their arms tied somewhat due to their own investigations into staff actions but on the whole the reasons they gave seem fairly flaky.

The BOE should have looked into the comments from the dealers sub group if only to pass it on to the FCA. The excuse that they didn’t deem it necessary at the time is complete crap. Even though it’s been many years since I was in the city, and under the umbrella of the old SFA, you were taught to flag up anything you felt was a potential regulatory issue no matter how insignificant it may have seemed. Your arse was grass even if it turned out to be nothing but you didn’t flag it. To say that an institution like the BOE didn’t clue up on to something as big as this is potentially very worrisome. Again though, maybe some benefit of the doubt needs to be given until we see how the investigations develop.

And that’s the crux of it. We want to know the full ins and outs of the whole thing but this was just a hearing on BOE internal procedures, in the main, so it’s back to watching the rest of it unfold.

“No manipulation here, but I wouldn’t mind a sandwich”