Far-reaching regulatory reforms have a mixed track record in
taking into account developed and emerging markets' different
needs – often, they lean towards the latter.
The end of 2014 prompted a deluge of consultation papers on
global regulations, from the Financial Stability Board's (FSB)
consultation on total loss-absorbing capacity (TLAC) and the
European Securities Markets Authority's (Esma) 1600-plus page
paper on the Markets in Financial Instruments Directive II
(Mifid II). And jurisdictions are still grappling with...