Markets obey laws of nature not math: NBB's Praet

The "once in a century" credit crisis demands a fundamental re-think in the way we view, and regulate, financial systems, Peter Praet, an executive director at the National Bank of Belgium and a member of the Basel Committee on Banking Supervision, has said.

"Financial systems work more like ecosystems or much more like biology, than physics," Praet said at Risk Magazine's Quant Congress Europe event in London on Thursday. "Markets are complex, adaptive, with multiple equilibria and

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