London 's elite law firms are losing business to cheaper rivals as the credit crunch forces their clients to take a harder look at their discretionary expenses , according to new research .
The success of monetary policy during the great moderation period of long expansions and mild recessions was not due to large discretionary interventions , but to following predictable policies and guidelines that worked .
A new rule introduced by the new york stock exchange will end discretionary voting by brokers who hold shares on behalf of clients ; these votes have tended to be cast consistently in favour of incumbents .