The Future of Finance: An End to Opacity and the Mother of All Databases

Richard Field submits:

The future of finance is the elimination of opacity throughout the financial system by using 21st century information technology.

This statement is the logical conclusion of the Bank of England's plan to substitute market discipline for bank examination. As discussed in an earlier blog, Bank of England Adopting 21st Century Oversight of Financial Institutions, the current model of bank examination does not work.

The current bank examination model, as practiced by regulators like the Financial Services Authority and Federal Reserve, involves sending out large numbers of examiners to look through the banks' books, demanding lots of detailed information for their internal review and asking the banks to run stress tests on assumptions the regulators provide. A key feature of thi

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