From the ever-expanding Dodd-Frank Act in the US to the vast array of regulations still being finalised in Europe, regulatory change was one of the key themes of 2012, writes Galen Stops.
In 2012 the talk of the derivatives industry was dominated
by one thing: regulation. From the ever-expanding Dodd-Frank
Act in the US to the vast array of regulations still being
finalised in Europe, market participants have kept a watchful
eye on the new regulations that will have a big impact on the
markets, write Galen Stops.
When the G20 met in 2009 and agreed that all OTC derivatives
should be centrally cleared and traded on electronic platforms
where appropriate by the end of 2012, little could they have
expected that 2012 would be dominated by delays and setbacks in
attempts to implement the mandate.
One of the words most frequently associated with all these
incoming regulations over the past year has been
'uncertainty’. Not only are the rules themselves
uncertain, but perhaps more disconcertingly their impact on the
industry remains unclear.
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