Regulatory changes opportunities not challenges, says JP Morgan Chase's Álvarez

Changes should be seen as opportunities to improve your business, says an optimistic Gene Álvarez, global head of operational risk for securities lending at JP Morgan Chase

Banks and other financial institutions are scrambling to keep up with the pace of regulatory reform brought on by the global financial crisis. Estimates of compliance costs vary wildly, but the US Dodd-Frank Act’s provisions on derivatives trading alone could cost the industry more than $1 billion in the Act’s first two years, industry groups have claimed – saying the regulators responsible for the provisions have conducted little cost-benefit analysis. Other rules, such as requirements for