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The system is entirely about winners and losers. When you win, the other party loses. The integrity in the trade is that each side is good for their word, i.e. is honest, and doesn't offer to do something unless they can and will do it. This is the only moral code between market participants. The system assumes each party can figure out the angles and will act in their own interests when booking a deal, and it's buyer beware.
Of course, clients and firms have a different relationship, often mutually beneficial but sometimes predatory. Good, connected and intelligent regulators should be able to spot when the industry is being predatory and can make sure that the firms' clients fully understand their risks.
2 years ago on More problems with the regulators than with the banks
Too true. Maybe there's a potential conflict though if a trader is on a two-year assignment with the regulator but needs to maintain relationships in order to land well after the two years. This could lead to industry- (or a particular player)- bias in monitoring.