The unintended consequences of the UFR

Annuity dawns


Bankers have been muttering darkly about the unintended consequences of new regulation for some time. A requirement to clear over-the-counter derivatives trades, combined with new rules on bank capital and liquidity, will have far-reaching consequences that some regulators may not have initially considered, they claim – from a squeeze on high-quality collateral to a reduction in corporate hedging activity. To illustrate their argument, some participants point to a recent, seemingly innocuous

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