"A global system would be helpful, but it will never be possible to capture everything in a single system." The G20 proposals may have been well received in April, but in-house counsel at banks think it can't and shouldn't happen. The last 12 months have seen unprecedented turmoil, with not even the biggest financial institutions immune to government intervention, restructurings and internal reshuffles.
Despite this, participation in the annual IFLR Bankers' Counsel Poll was still high, though of course one or two familiar names were missing. Seventeen of the 20 biggest investment banks in the world agreed to take part, with some submitting multiple responses from different departments.
While 70% of respondents said they did not want a global regulator, and all agreed that the UK had benefited from having the FSA as its sole supervisor, some questions divided the banks. Counsel are split as to what is standing in...