Posted on 10/14/2011 9:43:53 AM PDT by NoLibZone
Ronald Arculli, Chairman of Hong Kong Exchanges and Clearing, has his eye on the U. S. Congress, and he’s not the only one. International stock exchange leaders voiced their wariness at a panel on exchange regulation yesterday at the World Federation of Exchanges’ general assembly and annual meeting in Johannesburg, South Africa.
“Our friends in America have this awful habit of extending their laws beyond their shores, and Dodd-Frank is no exception,” said Arculli, who is Chairman of the WFE. “My caution to those of us from Asia is really to keep a very close watch on the developments.”
Dodd-Frank – officially the Dodd–Frank Wall Street Reform and Consumer Protection Act – was signed into law in July of 2010, although many of its provisions have yet to take effect due to delays in the United States Congress. It is one of the first expansive financial reform bills to come out of the financial crisis of 2008, and thus is a focal point in the discussion on financial market reform.
“Isn’t it the case that the U.S., having gone first with the reforms, is now in the difficult position of having to ensure that everyone follows it as closely as possible?” asked Jeremy Grant, editor of the Financial Times Trading Room, who moderated the discussion.
Indeed, many of the worries surrounding Dodd-Frank raised by the panel concern the potential for regulatory differences across exchanges, causing a rise in regulatory arbitrage – companies and investors taking their business to wherever jurisdiction is the easiest.
(Excerpt) Read more at forbes.com ...
SCOTT BROWN
OLYMPIA SNOWE
SUSAN COLLINS
CHUCK GRASSLEY
No house republicans supported this monster.
Traders all. The question is when does it send capital, banking, and brokerage off shore to the point where they can figure out how not to be effected by Dodd Frank and get around it. Just like Sarbanes Oxley drove Corp. HQtr’s off shore...
Foreign countries wouldn’t care about US law except the US keeps moving the goal posts around and with that lack of consistency it is hard to plan ahead.
Then, like O’bummer health care, you have administrative heads (being heavily lobbied) writing regulations never reviewed by Congress. No one knows what a law will morph into while the fine print is being written after the fact.
Barring a successful primary challenge, I’ll still be voting for the one who failed to keep his clothes on.
Blue, blue windows behind the stars,
Yellow moon on the rise,
Big birds flying across the sky,
Throwing shadows on our eyes.
Leave us
Helpless, helpless, helpless.
Interesting. Thanks for the post, link, CSN&Y reference.
“There must be some kind of way out of here,”
Said the joker to the thief,
“There’s too much confusion,
I can’t get no relief.
Businessman they drink my wine,
Plowman dig my earth
None will level on the line, nobody offered his word, hey”
“No reason to get excited,”
The thief, he kindly spoke
“There are many here among us
Who feel that life is but a joke
But you and I, we’ve been through that
And this is not our fate
So let us not talk falsely now, the hour is getting late”
http://www.youtube.com/watch?v=bng3agUOYiI
(Actually, I should say "were" the poets: it seems like nothing sensible has been published for some time now.
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