UK’s best business leaders met over the weekend at Washington to discuss the present financial situation of the world. They laid a lot of importance on greater international control on the financial sector. In a survey by a reputed law firm, most of the 286 UK based members who took part in survey is in favour of rewriting Basel II agreement, which recommended global regulations for banks in 2004. The respondents also favored greater control of rating agencies, openness of financial sector and hedge funds. However, there has been some disagreement over restriction of bonuses banning on short selling. (more…)