Listen to any speech from a Federal Reserve Board official and at some point, they are almost certain to preach the virtues of greater transparency - both in financial markets and at the central bank itself.

But the findings from the Fed's latest "horizontal review" of industry practices - this time, focusing on compensation - will not be made public. Citing the confidential nature of supervision, the Fed said it would not release the results of its review. That is a departure from earlier this year when the Fed laid bare the capital positions of the 19 largest banks, and markets rallied amid the newfound clarity.

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