Inconsistent national interpretation is the biggest
challenge of recent policymaking, according to regulatory
panellists at the Association for Financial Markets in
Europe’s (Afme) Market Liquidity
conference in London today.
When asked to name the most cumbersome post-crisis
regulation, speakers noted that it was not necessarily the
rules themselves that were the problem but the divergences in
the way they are approached and implemented.
They cited new rules set by at global level by the Basel
Committee, which leave room for wide variances in
interpretation. That then has a...