@tao@mathstodon.xyz prior to financial deregulation in the UK in the 1980s ("Big Bang"), lore (implicit knowledge?) has it that the governor of the Bank of England regulated banks over a monthly breakfast. Having all been to the same schools, they knew what that raising of his eyebrows meant. After Big Bang, though, Deutsche Bank, Nomura... didn't know how to read his eyebrows, so explicit banking regulation was needed.