Central bankers recognise technology as both friend and foe
Andrew Lo argues solution is to make the technology cope better with human “foibles”
Technology is enabling faster, more efficient financial transactions, but at the same time runs the risk of setting the system up for a more spectacular fall, according to speakers at a Bank for International Settlements (BIS) conference.
The BIS published speeches and papers from its 2015 annual conference on May 31. Many of the speakers focused on the way technology is reshaping financial markets.
In his paper, Andrew Lo, a professor at MIT, offered a reworked version of Murphy's law:
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