Global regulators in defense of "Balkanization" – a poor option but trust is lacking

Recent speeches by US and UK regulators support the idea of regulatory “Balkanization,” or multiple regulatory rules and jurisdictions covering the same market participants and activities. This seems like backwards momentum to us and could be avoided. Today we look at recent comments from Federal Reserve Governor Daniel Tarullo, UK senior financial regulator Sir Jon Cunliffe, and a throw-back to an earlier speech from IOSCO General Secretary David Wright.

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