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Clearly, this will increase the level of volatility in the credit markets.
"We have also been concerned about the high level of volatility in the emerging markets," he added.
The paper recorded a high level of volatility in projected revenues from North Sea oil and said this created considerable uncertainty in financial planning.
"The decision is directed at preventing risks to inflation and financial stability associated with the increased level of volatility in the financial markets," the central bank said in a statement.
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Stuart Gulliver, HSBC's chief executive, said: "Market uncertainty led to extreme levels of volatility in January and February, which affected our ability to generate revenue in our markets and wealth management businesses.
"What we've seen over the last weeks was elevated levels of volatility in credit markets and perhaps some margin requirements being tightened," Puneet Sharma, a credit analyst at Barclays Capital in London, told The Times.
Chief executive Michael Spencer said: Due to continuing political and economic uncertainty we expect the recent high levels of volatility in financial markets to continue for the rest of the year.
Former City minister Lord Myners, an investment industry veteran, has redoubled his attack on high-frequency "black box" share trading, which he believes has exacerbated the record levels of volatility in share prices seen over recent weeks.
These unknowns will continue to cause high levels of volatility in the market.
Given the extreme levels of volatility in the oil market at present, percentage drops and upticks in front-month futures prices have begun to seem daft.
For starters, 2011 was officially the second worst year in the history of the industry, thanks to largely unforeseen levels of volatility in the commodity, equity and European debt markets that interrupted the international economic recovery.
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