Global regulators have watered down controversial new rules aimed at reining in banks’ reliance on debt, following ferocious industry lobbying.
Central bankers and supervisors yesterday approved an international standard for the leverage ratio – a measure of financial strength that is considered less susceptible to being gamed by bankers – that offers some concessions to banks.
The changes announced in Basel, Switzerland, will come as a relief to big investment banks in particular because they ease the leverage rules for products, such as derivatives and repurchase (repo) agreements, which make up large parts of their balance sheets.
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