In my last column I discussed the historical roots of the financial market regulation in the U.S. I argued that it had served us well--with periodic tinkering--for several decades.
The complaints have gotten a sympathetic ear on Capitol Hill, where lawmakers have just gotten a proposal by the Treasury Department for a sweeping overhaul of financial market regulation, including the merger of the SEC with the Commodities Futures Trading Commission and the reassignment of many of the SEC's enforcement duties to the stock exchanges and other self-regulatory agencies.
Robert Steel doesn't have any experience running a commercial bank, but he knows a lot about the stock market and financial regulation.
The UK demanded safeguards on financial regulation and the single market in return for backing any change to EU treaties which paved the way for fiscal union across the eurozone.
Financial jurisdictions had been underbidding each other in market regulation.
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Compiling a report for G20 finance ministers last year, IOSCO found those other players in the market want regulation, but doubt financial regulators have the expertise to provide it.
Without adequate regulation, new financial markets, such as the spot market for RINs, are vulnerable to fraud.
We need much greater global coordination of financial regulation, facing up to systemic risk and ensuring that market participants are not able to play one regulatory jurisdiction against another.
BIS's work counts for least where it should matter most: in emerging-market economies such as those in Asia, where weak financial regulation turned currency turmoil into full-fledged economic crisis.
Downing Street have rejected suggestions by the European Commission president Jose Manuel Barroso that the UK's negotiating position on financial regulation represented a "risk to the integrity of the single market".
And still a third is that the Republicans will try to make things that happened over the past two years like health-care reform and financial regulation unhappen, and the resulting government shutdowns and market uncertainty will turn gridlock into a pile-up.
This regulation required the balance sheets of financial institutions to list assets at their current market prices every day, rather than their historical costs or their expected values based on their probable future income streams.
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Thirdly the collapses led not merely to better financial regulation but, more importantly, to a corporate focus on profitability over size and market share.
The financial regulation legislation currently being finalized by conference committee in Congress has added to the depressed stock market.
Indeed, regulation can serve to strengthen market discipline, for example, by mandating a transparent disclosure regime for financial firms.
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