Some big financial firms are moving out of the private equity business. Some are padding their capital cushions. Other players are already making the giant OTC derivatives market more transparent, Reuters reports.
Some big financial firms are moving out of the private equity business. Some are padding their capital cushions. Other players are already making the giant OTC derivatives market more transparent, Reuters reports.
Changes are happening -- sporadically for now but perhaps more uniformly soon -- in response to legislation that aims to limit risky trading by banks, boost their capital cushions, and shed light on shadowy markets. President Barack Obama wants a final bill on his desk for signature by July 4.
While financial companies are still lobbying furiously on Capitol Hill to weaken new rules and protect their profits and business models, some are moving ahead with changes in anticipation of the biggest regulatory revamp since the 1930s.
"It wouldn't surprise me that if the handwriting is on the wall, people would want to get a running start rather than wait for the inevitable," said Michael Greenberger, a former Commodities Futures Trading Commission official now at the University of Maryland.
Firms are making these moves ahead of discussions by U.S. lawmakers this week to compromise on the final version of the financial reform bill.
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