Can Basel III and its Endgames withstand the deregulatory push coming from the US? Since the US’s decision to abandon its 2023 Basel III Endgame draft proposal in the face of strenuous industry opposition and even billboards in the subways of major cities, the rest of the world has wondered what might happen next. No one wants to be left behind or set their national champions up for global disadvantage. The US makes up roughly 40% of outstanding global fixed income and debt markets, according to SIFMA. US consumers buy around 25-30% of the world’s goods, as reported by multiple sources. As a result, US financial industry and trade policy has a disproportionate impact on the rest of the world and cannot easily be replaced.
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