jeudi 5 août 2010

La nouvelle régulation financière américaine, le Dodd-Frank Act , analysée par la Deutsche Bank

Pour tous ceux que le sujet intéresse, le « coin des amateurs », nous renverrons au document en lien ("The changing regulatory landscape") dans lequel, en 39 slides, les responsables « Government Affairs » de la Deutsche Bank analysent dans une présentation investisseurs, à la fois détaillée et pédagogique, les arcanes du « Dodd-Frank Act » et le lien qui peut être fait avec l’évolution de la réglementation du Comité de Bâle ou de l'Union Européenne..

Voici quelques-unes de leurs conclusions :

« The final bill is sweeping in its scope and impact, and is especially tough on the Big Banks (Wall Street)
 Most provisions result in significant downward pressure on profitability, upward pressure on capital, and increased system stability
 Although the legislation moves further down the path of ending Too-Big-to-Fail, it fails to eliminate this risk
 The Federal Reserve has emerged as a much more powerful regulator than had been contemplated just months ago
 GSE reform (Fannie, Freddie) is the most notably absent issue in the bill
 On a relative basis, hedge funds, insurance companies, and the credit rating agencies emerged largely unscathed from the legislation
 New regulations in the derivatives market are significant, and will likely make it more expensive for companies to hedge macro-economic uncertainty at a time when volatility in the market is very high (margin and capital demands on liquidity)
 Throughout the bill, a significant amount of discretion is given to a broad range of regulators to write the detailed rules in the years ahead (we are not done!)
 Opportunities for global regulatory arbitrage could be significant
 Many non-U.S. emerging market jurisdictions will likely be more attractive opportunities than the U.S. for financial sector growth and investment
 Once implementation is complete, credit markets should respond very positively to the reduction in leverage, increase stability, and higher capital

Recommandé aux amateurs !

En lien le document de la DB :

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