I must admit to having a wry smile as I read about the regulatory lapses that facilitated the Archegos debacle (Report, April 13). The article mentioned that sections of the 2010 Dodd-Frank Act had not yet been implemented. This meant the fund posted no initial margin and individual counterparties were totally unaware of the total size of positions taken.
I was not however thinking of the 2008 crash, from whose ashes Dodd-Frank arose, but the 1998 collapse of Long-Term Capital Management where the same factors were at play!
Will we ever learn?