Yesterday, I participated in the Empire Club of Canada Annual Investment Outlook Luncheon and gave remarks on the Outlook for Risks to Capital Markets. While we look for another year of relatively healthy growth in the global economy, new risks and vulnerabilities have emerged in global capital markets. First, the fragmentation of international regulation is a real concern as it impairs market efficiency, and cross-border capital and investment flows. Second, markets have shown a disturbing trend for liquidity to evaporate in times of stress, when needed the most. Third, stock indices have become more and more … Continue reading
Tag Archives: financial regulation
The aftermath of the 2007-2008 global financial crisis was an intensive period of financial regulatory reform across the developed world. The urgency and extent of reform, particularly in the early years, laid the ground for excessive and unintended consequences.
There is a growing consensus that the pendulum has swung too far. Regulators in many jurisdictions are taking Penny Stocks of the impact of reform on markets and on the economy.
We expect that an ongoing review of the reform impact and rising compliance costs for the financial sector will slow the rulemaking process, … Continue reading
In May, I attended the International Capital Market Association (ICMA) AGM and Annual Conference in Dublin, Ireland in my capacity as Chair of the International Council of Securities Associations (ICSA) and as President and CEO of the IIAC. Over 1,000 international delegates from the financial community came together to discuss developments in global capital markets and financial regulation.
I discuss some of the overarching themes of the conference in my June Letter from the President.
The increasing regulatory burden was front and centre at the conference. There is a general view that the large amount … Continue reading