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 levels”
Recommandé aux amateurs !
En lien le document de la DB :
http://www.db.com/ir/en/download/The_Changing_Regulatory_Landscape_28_July_2010.pdf
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 levels”
Recommandé aux amateurs !
En lien le document de la DB :
http://www.db.com/ir/en/download/The_Changing_Regulatory_Landscape_28_July_2010.pdf
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