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Sol Steinberg


Sol Steinberg, Tabb Forum, Top 10 OTC Derivatives Events of 2013: Regulatory Recap, here.

1. The Volcker Rule: Section 619, finalized by the FED, FDIC, OCC, SEC & CFTC, takes effect mid-2015, seeking to eliminate proprietary trading while distinguishing between market making and hedging (which is best performed by “transaction pattern” surveillance). The rule limits how firms can invest in alternative assets, and the ABA may take legal action over the impact to CDOs backed by TruPS. Optimists assert splitting lending from broker-dealer functions may result from the rule.

Impact of Regulatory Changes on Capital Markets, here.

The collapse of Lehman Brothers and Eurozone crisis revealed the moral hazard, lack of governance,excessive risk taking, and greed within the global financial system. Since 2008, regulators haveconstantly put forth efforts to identify, state, and propose solutions in order to prevent another financialmeltdown. As new regulations come forward, governments, regulators, and other international bodies areconsistently recognizing that there are a myriad of interconnected problems that exist on a global scale. New vocabulary terms have been created to identify and address the pertinent issues at hand. Someexamples are systemically important financial institutions (SIFIs), globally systemic important banks (G-SIBs), and financial market infrastructures (FMIs) to name just a few. An immediate conclusion thatinsiders and outside observers can state is that there is still uncertainty surrounding the finite and concreteanswers that are necessary to restore financial integrity to the markets.


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