The reporting in The Australian Financial Review by Aaron Patrick and Jonathan Shapiro on another investigation into bond market trading including the associated futures market trading – activity described by one bank chief executive as “wrongdoings” – to me further confirms that the regulators, investigators, and corporate boards have overlooked a fundamental weakness in overseeing market integrity.

I have been at the coal face of trading on markets, as a former futures trader, senior executive of an international clearing house for exchange-traded markets, then CEO of Sydney Futures Exchange for 15 years, then involved as managing director and board member of energy operating and trading entities. During the whole period I was deeply involved with the ongoing supervision of the financial and energy markets and the daily monitoring of trading activity.