“Retail and commercial banks should be simple and they should be boring,” Lloyds Banking Group’s chief executive said last week. “The industry must change,” António Horta-Osório told the CBI Scotland annual dinner.
Tempting as it may be for the capital markets to laugh at such navel gazing four years after the financial crisis began, Horta-Osório’s words ring true in electronic trading as well. The market has been losing confidence....