Impacts of proposed regulatory reforms on unregulated or less regulated market segments
My brief comments to open this panel discussion deal with the 'unregulated' or less regulated market segments.
These were securities and investments markets largely left alone by regulators before the Crisis with regulators relying on market disciplines rather than intervention - in contrast to exchange traded markets which were highly regulated.
So, two years or so post Crisis, where are we? What have we learned about these markets?
I would like to make five points from the view of the only regulator on this panel – although one who was a poacher in another life and has now turned gamekeeper and whose views on free markets have evolved considerably!..