Inconsistency could lead to arbitrage

Consistency is key

Nick Sawyer

Given the speed at which different regulators are firing out new directives on the derivatives market, it’s almost inevitable there will be some crossover, some inconsistency and some out-and-out contradiction.

Numerous examples have already popped up – the Volcker rule and section 716 in the Dodd-Frank Act, the latter of which will require US deposit-taking institutions to strip out parts of their derivatives businesses to qualify for federal assistance. Neither is replicated in European rules

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