Welcome to the first ever financial regulation influencer
edition of IFLR.
A feature like this is not something we've really done
before in the magazine's 37-year history. But with regulation
so central to everything we do – and the same being
true for our readers – the editorial team thought it
was time to recognise the top movers and shakers in the
Regulation has fundamentally changed the dynamics of
financial services. Take the EU's post-crisis magnum opus,
Mifid II: consisting of 1.4 million paragraphs and 30,000
pages, it's a full-time job just reading the thing.
If you had told anyone in the industry 20 years ago that in
two decades' time, it would not be unusual to see job titles
like head of Mifid II compliance, or that entire businesses
would be established on the basis of new rules, you might have
been laughed out of the room.
Yet here we are. In-house compliance departments have
ballooned, and it's now impossible to attend an industry event
without at least one attendee bringing up their own personal
regulatory headache. Compliance restrictions have stopped old
friends who happen to work at competing banks from going for
dinner together, trusted salespeople from messaging long-term
customers on WhatsApp, and traders from wishing clients happy
birthday – and that's just a selection of anecdotes
told to our journalists in recent years.
It's in this environment that we at IFLR decided to launch
Regulatory uncertainty drives everything from liquidity to
banks' capital stacks. But with the scope for interpretation so
broad – particularly in the EU – financial
institutions and those working within them find it
near-impossible to establish market consensus. For a year and a
half now, Practice Insight has been doing just that. With
senior sources at the world's biggest banks, asset managers and
financial regulators, we uncover this regulatory-driven
uncertainty, from Mifid II to benchmark reform.
For more information on the service please get in touch, or
go to iflrinsight.com.
Enjoy the issue,
Managing editor, IFLR & Practice Insight