Financial Regulators’ Global Variety Show
In the early phases of the financial crisis, it was fashionable to argue that the US system of regulation needed a fundamental structural overhaul. But there is no clear evidence that one particular model of financial regulation is more effective than others.
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PARIS – In the early phases of the financial crisis, it was fashionable to argue that the United States’ system of regulation needed a fundamental structural overhaul. Differences of opinion between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) had obstructed effective oversight of investment banks and derivatives trading (only the US believes that it makes sense to regulate securities and derivatives separately).