America's most important set of financial reforms in decades is coming to fruition. To be sure, lawmakers are still working out the details. But the broad outlines of the new US regulatory regime are coming into sharper focus every day. These new laws will affect financial markets and institutions in several important ways. But, as yet, neither investors nor managers seem fully to appreciate the change that is bearing down on them.
美国几十年来最重要的一轮金融改革将要瓜熟蒂落。诚然，立法者仍在制定细节，但新的美国监管制度的大致轮廓一天比一天清晰。这些新法律将从多个重要方面影响金融市场及机构。但迄今为止，投资者和经理人似乎都没有充分把握将要对自己产生影响的变化。
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