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Richard Farrant, a deputy head of banking supervision at the Bank of England, is moving on to head the Securities and Futures Authority in London. Farrant, aged 48, will be replaced by Clifford Smout, aged 36, who has been a manager in the supervision division in charge of North American banks, Bank of England officials say. Although Smout will take Farrant's slot on Gerald Corrigan's bank supervision committee at the Bank for International Settlements in Basle, says a Bank spokesman, he is

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