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Impact of Regulatory Changes on Capital Markets

Impact of Regulatory Changes on Capital Markets

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Published by tabbforum
The collapse of Lehman Brothers and Eurozone crisis revealed the moral hazard, lack of governance, excessive risk taking, and greed within the global financial system. Since 2008, regulators have constantly put forth efforts to identify, state, and propose solutions in order to prevent another financial meltdown. As new regulations come forward, governments, regulators, and other international bodies are consistently recognizing that there are a myriad of interconnected problems that exist on a global scale. New vocabulary terms have been created to identify and address the pertinent issues at hand. Some examples are systemically important financial institutions (SIFIs), globally systemic important banks (G-SIBs), and financial market infrastructures (FMIs) to name just a few. An immediate conclusion that insiders and outside observers can state is that there is still uncertainty surrounding the finite and concrete answers that are necessary to restore financial integrity to the markets.
The collapse of Lehman Brothers and Eurozone crisis revealed the moral hazard, lack of governance, excessive risk taking, and greed within the global financial system. Since 2008, regulators have constantly put forth efforts to identify, state, and propose solutions in order to prevent another financial meltdown. As new regulations come forward, governments, regulators, and other international bodies are consistently recognizing that there are a myriad of interconnected problems that exist on a global scale. New vocabulary terms have been created to identify and address the pertinent issues at hand. Some examples are systemically important financial institutions (SIFIs), globally systemic important banks (G-SIBs), and financial market infrastructures (FMIs) to name just a few. An immediate conclusion that insiders and outside observers can state is that there is still uncertainty surrounding the finite and concrete answers that are necessary to restore financial integrity to the markets.

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Published by: tabbforum on Jan 15, 2014
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01/21/2014

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Potential Economic Knock-on Effects of Financial Regulations
Sol Steinberg 5/15/2012
 
2
 
Table of Contents
 
Impact of Regulation on Markets
 ................................................................................................................
4 What are the Regulations
 ............................................................................................................................
4
 Basel III ................................................................................................................................................... 4-5 Dodd-Frank Act ......................................................................................................................................... 5 EE Mandate / SEFs ................................................................................................................................ 5 Volcker Rule .......................................................................................................................................... 5 European Market Infrastructure Regulation (EMIR) .............................................................................. 5-6
Positive / Negative Consequences and What Risks the Regulations Produce or Exacerbate
 ...................
6
 Positive Consequences .............................................................................................................................. 6 Central Counterparty Clearing House (CCPs) ..................................................................................... 6-7 Market Transparency ............................................................................................................................ 7 Reduction of Operational Risk ........................................................................................................... 7-8 Negative Consequences ............................................................................................................................ 8 Central Counterparty Clearing House (CCPs) ..................................................................................... 8-9 Increased Liquidity Risk ......................................................................................................................... 9 Financial Costs .................................................................................................................................... 10 Reputational Risk ........................................................................................................................... 10-11 IT Risk .................................................................................................................................................. 11
Who / What it Affects
 ................................................................................................................................
11
Central Counterparty Clearing House (CCPs) .......................................................................................... 11 Pricing of Cleared vs. Uncleared Interest Rate Swaps ................................................................... 11-15 Portability and Segregation Model ................................................................................................ 15-16 Regulators / Governments ...................................................................................................................... 17 Basel III ................................................................................................................................................ 17 Volcker Rule ................................................................................................................................... 18-19 Financial Institutions/Non-Bank Financial Institutions ...................................................................... 19-22 Basel III ........................................................................................................................................... 22-24 EE Mandate / SEFs .............................................................................................................................. 24 Volcker Rule ................................................................................................................................... 24-25 Taxpayers / General Public ..................................................................................................................... 25
 
3
 Volcker Rule ................................................................................................................................... 25-26
What to do about it
 ....................................................................................................................................
26
Central Counterparty Clearinghouse (CCPs) ........................................................................................... 26 Pricing of Cleared vs. Uncleared Interest Rate Swaps ................................................................... 26-27 Portability and Segregation Model ................................................................................................ 28-29 Regulators / Governments ................................................................................................................. 29-30 Volcker Rule ................................................................................................................................... 30-31 Financial Institutions/Non-Bank Financial Institutions ...................................................................... 31-32 EE Mandate / SEFs .............................................................................................................................. 32 Volcker Rule ................................................................................................................................... 32-33 Taxpayers / General Public ..................................................................................................................... 33
Summary
 .....................................................................................................................................................
33

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