…otherwise banks will engage in regulatory arbitrage (putting operations where they find the most favorable regulatory regimes).
Most details of Basel III are expected to be agreed at the next G20 meeting in Seoul in November but “too big to fail” may need more work, according to Weber.
EUR/USD is consolidating its latest surge, now at 1.3610 from closing levels around 1.3590 in New York last night. We’ve been as high as 1.3639.