London: Den of thieves?

A lot of bad news have come lately from the City of London, which stands as the largest financial place in Europe and the fourth in the world in terms of market capitalization.

Remember the "Big Bang" that saw the sudden deregulation of the financial markets in the UK in 1986? It seems to me that deregulation has been taken so seriously there that any kind of shady trading has become fair game, from JP Morgan Chase latest trading losses to the current Libor rate manipulations by several British banks plus UBS, or HSBC's drug money laundering.

Wouldn't it be time now to tighten a few lose ends on that rogue financial market?