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Banks often design complicated trading strategies that help a customer, such as a pension fund or a wealthy individual, circumvent regulatory requirements or reduce tax liabilities.
Mr. Volcker also raised doubts over the benefit of complicated trading activities, which contributed to the global financial crisis.
More recent failures of data analysis include the Wall Street crash of 2008, which was accelerated by hugely complicated trading schemes based upon mathematical algorithms.
The $2 billion loss came from a complicated trading strategy that involved derivatives, financial instruments that derive their value from the prices of securities and other assets.
"We have confidently reiterated our guidance because many of our businesses are going strong in this complicated trading environment," said Dame Majorie Scardino, outgoing chief executive of Pearson.
For banks, the unexpected inability to trade particular stocks disrupted complicated trading strategies that rely on being able to buy and sell quickly in several markets at the same time.
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The loophole benefits general managers by giving them another tool to make complicated trades.
"There are complicated trade-offs to be made in the design choices when you design these products.
But even Dr. Washington's presence pointed up the complicated trade-offs at work in Harlem today.
They have to make complicated trade-offs when buying a carton of milk: If I buy milk, I can't afford orange juice.
In M&S's view, that represents an opportunity: three-quarters of British consumers are interested in the green theme in some way.But even the keenest ethical consumer faces complicated trade-offs, and sometimes the apparently obvious ethical choice turns out to be the wrong one.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com