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And Another Thing... There seems to be general acceptance that last week’s flash crash in sterling merely highlighted what we have known for so long – there is a growing structural problem in FX markets. Identifying a problem and solving it are, however, two entirely different things and in spite of the spirit of innovation reawakening in foreign exchange markets, my sense is that whilst the solution I propose here is unpalatable to some in authority it may help central banks better understand markets and curb flash events