Brokers Lobby for Changes to OTC Reforms
By Philip Stafford
Published December 5 2011 Financial Times
More than two-thirds of the world’s largest brokers are trying to lobby for amendments to incoming over-the-counter derivatives legislation in Europe as mandatory capital requirements for banks cut deeply into balance sheets, a study has found. A survey by Tabb Group, the US capital markets consultancy, highlights the deep confusion among dealers about how to react to huge swaths of incoming regulation. It found that 68 per cent of 24 of the world’s largest brokers were trying to lobby for changes to plans for incoming OTC derivatives reform even as they build the technology to adapt to new rules.
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