Basel reform: why the market should decide
The 1988 Basel Accord made bank capital rules more precise. But this did not save the Japanese banking system or slow the erosion of credit intermediation by US banks. Mark Brickell, managing director at JP Morgan in New York, has been an architect of the regulatory framework for derivatives. He argues that if the current round of refinements to Basle result in more complex capital rules, then we can expect similar results.
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