Wave of new regulation brings inconsistencies and loopholes
Divergent paths
The past few years have seen swathes of new regulation being drawn up in response to the financial crisis of 2008. In the US, the Dodd-Frank Wall Street Reform and Consumer Protection Act has thrown up much debate around the restriction of banks’ activities in areas such as over-the-counter (OTC) derivatives and trading activities of investment banks. In the EU, the European Markets Infrastructure Regulation (Emir) is being finalised to regulate the OTC derivatives market in Europe, while the
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